How this 24-year-old became a billionaire overnight
What's the story
A 24-year-old Wharton graduate just became one of Asia's richest people overnight, adding $3.8 billion to his wealth.
Eric Tse became ultrarich after his parents, Sino Biopharmaceutical Executive Directors Tse Ping and Cheung Ling Cheng, gifted him a fifth of the company's shares.
Now, Tse's worth is more than United States President Donald Trump and Starbucks founder Howard Schultz.
Here are more details.
Shares
Eric was transferred 2.7 billion shares of Sino Biopharmaceutical
The transfer of 2.7 billion shares to Eric was made to "refine the management and inheritance of family wealth," the company said on Tuesday.
The statement was signed by Theresa Tse, Eric's sister and Sino Biopharmaceutical Chairperson, who is valued at $1.96 billion according to Bloomberg.
The four members of the family together hold $8.5 billion worth of the company's shares.
Other details
Eric will also earn $498,000/year as company's executive director
On Wednesday, Sino Biopharmaceutical also announced that Eric has been made an Executive Director and will be a member of its executive board committee.
For his role, he will draw a paycheque of HK$3.9 million ($498,000) a year, plus discretionary bonuses.
Additionally, he is also listed as a director on at least, five other company boards in Hong Kong.
Information
Eric listed director for firm named after Thailand's wealthiest family
One of the companies where Eric appears as a director is the Charoen Pokphand Skyland Group Ltd., named after the conglomerate of Thailand's richest family- the Chearavanont family. The family is valued at $20.9 billion and its head, Dhanin Chearavanont, is worth $6.01 billion.
Rich lifestyle
Eric parties with Bella Hadid, Rihanna
Although Eric has only just made it to the Forbes' 550 wealthiest list, he has reaped the fruits of the family wealth for long.
On his now-private Instagram, Eric can be seen merrying with Bella Hadid and Lily Aldridge at a Bulgari party in Venice, or singer and Fenty Beauty owner Rihanna in New York, or posing poolside with Princess Charlene of Monaco.
Information
However, Eric doesn't want his name on Billionaires Lists
However, the company's Tuesday statement clarified that Eric will not be participating in efforts made by wealth-ranking news websites as he wishes to keep a low profile. He recommends participating in such nominations in the name of the Tse Ping family.
History
Eric holds Masters' degree from Tsinghua University
Eric attended primary school in Beijing, secondary school in Hong Kong and graduated from University of Pennsylvania's Wharton School with a Bachelors' degree in Economics.
He also holds a Masters' degree in Management and Global Leadership from Schwarzman College, Tsinghua University.
Eric joined Sino Biopharmaceutical as an assistant to the President in June 2018, after serving as the CEO of Liepin North America.