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Traffic to Temu’s website plummeted by more than 50% last month

The de minimis exemption on small packages shipped to the US officially ended on May 2 — but, according to web traffic data from Similarweb, Chinese retailers Temu and Shein were already seeing visits to their respective websites drop sharply the month before, as retailers raised prices in the wake of the Trump administration’s trade tariffs.

Temu and Shein traffic chart
Sherwood News

Temu in particular, which is owned by PDD, saw web traffic to its site fall by 55% in April alone after hitting a recent peak of ~390 million visits in March, when consumers were reportedly hoarding products in anticipation of the trade loophole’s closure, while visits to shein.com saw a 23% decline.

In fact, per Bloomberg, Temu and Shein are already seeing double-digit sales declines in the US in the week after announcing price hikes to cover the costs of new 145% import taxes on shipments from China.

At the same time, US-based retail giants like Amazon, Walmart, and Target have also issued warnings about price increases, since many of their low-cost products rely on Chinese suppliers affected by the tariffs. Still, traffic to Amazon’s website was down only 4% in April relative to March.

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Lucid climbs after Uber revealed to be its second-largest shareholder following recent investment

Shares of luxury EV maker Lucid are up more than 7% in premarket trading on Tuesday, following the release of a regulatory filing that revealed Uber is now its second-largest shareholder, trailing only Saudi Arabia’s PIF sovereign wealth fund.

The news follows an announcement earlier this month that Uber and Lucid would expand their robotaxi partnership from 20,000 planned vehicles to 35,000. Along with the expansion, Uber also said it would invest an additional $200 million into the EV maker.

Per Monday afternoon’s filing, it seems that investment pushed Uber’s ownership stake in Lucid to 11.52%.

Lucid’s stock is down 29% in April. It hit an all-time low of $6.75 on Monday ahead of the regulatory filing becoming public.

In a mark of just how painful the slide has been for Lucid shareholders, as of Monday, the company’s market cap had dropped to a quarter of the approximately $9.5 billion that Saudi Arabia’s PIF has sunk into it.

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