- Jack Ma’s fortune has halved to about $30 billion since October 2020 as the valuations of Alibaba and Ant plummeted.
- They came under pressure as regulators cracked down on Mr. Ma’s criticism of the Chinese government.
- On Friday, the Chinese government announced a $985 million fine against Ant Group, signaling an end to the crackdown.
Chinese tech giant Jack Ma has been in trouble since criticism of the Chinese government sparked a backlash against his company and wealth, but recent developments may turn the tide. .
on friday, central bank of china Co-founded by Ma Alipay payment app — let it know Years of regulatory crackdown are coming to an end.
But years of crackdown have taken a toll on Ma’s wealth and the market valuations of the companies in which he holds stakes.
Ma was worth about $30 billion as of Wednesday, half of what he was worth in October 2020 before the crackdown, the people said. Bloomberg Billionaires Index.
The wipeout of the billionaire’s wealth comes as the valuations of Alibaba and Ant, in which he holds stakes, plummeted.
New York-based Alibaba shares closed Tuesday at $91.79 a share, up 1.4%, down about 70% from their October 2020 highs.
in the meantime, Ant Group is now worth about $78.5 billion — Mark a significant discount of 75% off the valuation of $315 billion and IPO failure Before the Beijing crackdown.
That means Ma lost 9.9% of Ant’s stake to $4.1 billion, according to Bloomberg calculations. share buyback announced on Saturday.
On a personal level, Ma has been silent for more than two years.
pose Chinese authorities furious He came after a speech in October 2020 that criticized China’s financial regulatory system and claimed that Chinese banks operate in a “pawn shop” mentality.his words Prompted Heavy regulatory scrutiny of his businesses, including Alibaba and Ant. Crackdown on tech companies in China.
In January, we saw BangkokThere he visited a Michelin-starred street food restaurant, muay thai fight.He also appeared in Hong Kong in the same month.
of march, Ma returned to the school she established in her hometown of Hangzhou in eastern China.
In April, he was appointed emeritus professor at the university. Hong Kong University. in May, Ma has taken up a teaching position in Japan, one of the first public roles he has taken on since stepping out of the limelight in 2020.
last month, Mr. Ma attended the final round of the Alibaba World Math Contest held in Hangzhou, Alibaba’s home base.
Hong Kong’s Alibaba shares surged 3.1 per cent to HK$86.90 per share at noon on news of the fine. On Friday, the company’s shares rose 8.1% to close at $90.55 a share in New York.
July 12, 2023: This article has been updated with additional information regarding Mr. Ma’s net worth.