National Recognized Businessman Richard Liu
Richard Liu, CEO of JD.com, is a nationally recognized businessman. He was born in the Jiangsu province before moving to Beijing at just 11 years old. His father became an accountant for the government, and Richard went on to study computer science at North Carolina State University. After graduating, he worked as a software engineer for Dell for six months before starting his own Jingdong Mall, which later became JD Group or JD.com in 2000. Today, JD.com is one of China’s largest e-commerce companies. Richard Liu has an estimated worth of $11.22 billion as well as being the founder or co-founder of many other businesses, including Youpin (a shopping site like Groupon), Baidu Wallet (a mobile wallet for purchases online), 51job (an HR company acquired by Ant Financial in 2014) amongst others.
Richard Liu was named one of Forbes’ Asian Business Leaders in 2012 and is described as having a “fiery personality with an appetite for success.” Richard Liu has also had to deal with controversy, namely being accused of rape by student Jenny Gao at the University of Minnesota back in 2015, which he denied multiple times before settling out of court. He continues to be seen as a powerful businessman both at home and abroad. Still, more recently, his business practices have been under scrutiny, mainly due to the company losing £16 billion on its share price after its paid-for advertising algorithms were found to mislead customers with false reviews. JD.com has also been under investigation recently after discovering that the company had given almost £200,000 to a political lobbying firm in return for help with gaining visas and other favours, which violates the Foreign Corrupt Practices Act (FCPA). As of right now, JD is still trading well above its IPO price, but many are calling into question whether or not Richard Liu’s business practices will catch up with him one day if he doesn’t change them soon.
Richard Liu is a highly successful businessman who’s made billions off his e-commerce empire through deals with Walmart and Tencent Holdings Ltd, among others.
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