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Fashion business Shein Global Holdings Ltd., led by reclusive boss Sky Xu, has seen a significant decline in value as it prepares for its IPO in Hong Kong. Once valued at over $100 billion, Shein is now poised to go public at a fraction of that amount, resulting in Xu’s personal wealth plummeting to around $8 billion based on his stake. The $15 billion drop in Xu’s riches is attributed to various factors, including tariffs, political scrutiny, and increased competition in the market. The shift in investor interest towards artificial-intelligence companies has also played a role in Shein’s devaluation. While…
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