# Man Loses $2.3 Bn After SenseTime Slumps; counts Tencent Holdings in Its Clients List | Tech News (HT Tech) > A co-founder of SenseTime Group Inc. lost almost half of his fortune after shares of the artificial intelligence giant plummeted as much as 51% on Thursday. # Man Loses $2.3 Bn After SenseTime Slumps; counts Tencent Holdings in Its Clients List ## A co-founder of SenseTime Group Inc. lost almost half of his fortune after shares of the artificial intelligence giant plummeted as much as 51% on Thursday. Aug 22 2022, 13:26 IST ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook.png) ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook-hover.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Share.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Shareclicked.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp-hover.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter-hover.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook-hover.png) ![Bookmark](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmark.png) ![Bookmarked](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmarked.png) ![Dollar](https://images.hindustantimes.com/tech/img/2022/06/30/1600x900/BOFAML-RESEARCH-RECESSION-0_1656567527155_1656567543859.JPG) Chinese Professor Loses $2.3 Billion. (REUTERS) ![Author Photo](https://images.hindustantimes.com/tech/static/revamp/images/png/HTTech-new-circle-logo.png) ### By BLOOMBERG A co-founder of SenseTime Group Inc. lost almost half of his fortune after shares of the artificial intelligence giant plummeted as much as 51% on Thursday. Tang Xiao’ou, a Massachusetts Institute of Technology graduate and information engineering professor at the Chinese University of Hong Kong, has a 21% stake in the company. His net worth plunged by about $2.3 billion to $2.9 billion, based on the intraday share price, dropping him off a list of the world’s 500 richest people, according to the Bloomberg Billionaires Index. The fall of SenseTime occurred after the lock-up period on a portion of shares held by cornerstone investors and stakeholders expired a day earlier. Some executives, including Chief Executive Officer Xu Li, pledged to extend the lock-up of their shares until Dec. 29. Also read click here. The tech company completed a Hong Kong listing in December despite US sanctions, and surged as much as 23% on debut. Thursday’s slump dragged the stock below the initial public offering price for the first time. SenseTime’s technology has been deployed in a range of areas, including assisting police in China, providing product placements in films and creating an augmented reality scene in a mobile game by Tencent Holdings Ltd. SenseTime reported revenue of 4.7 billion yuan ($702 million) and a loss of 6.9 billion yuan last year. Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. 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