Alibaba Group Holding Ltd BABA founder Jack Ma is now ranked behind Pinduoduo Inc PDD CEO Colin Huang in terms of net worth, Bloomberg reported Tuesday.
What Happened: Huang and fellow Chinese tech mogul Ma Huateng of Tencent Holdings Limited TCEHY are worth $58.6 billion and $53.3 billion, respectively, while Ma is worth $50.9 billion, as per Bloomberg Billionaires Index.
Even amid increased scrutiny by Chinese regulators, the three billionaires — Huang, Pony Ma, and Jack Ma — managed to add $39 billion, $14.7 billion, and $4.3 billion to their wealth respectively in 2020.
Why It Matters: The founder of Alibaba has seen his wealth erode by $11 billion since the Chinese crackdown began in October, noted Bloomberg.
See Also: Why Pinduoduo Could Be 'Primary Beneficiary' Of Alibaba's China Regulatory Misfortunes
Ma reportedly received a dressing down from Chinese regulators ahead of the initial public offering of Ant Group, a fintech company he co-founded.
The IPO — expected to be the largest in history — was suspended by Chinese authorities in November.
Price Action: On Friday, Alibaba shares closed 6.14% higher and gained 0.89% in after-hours trading in New York. On the same day, Pinduoduo shares closed nearly 15.6% higher at $166.19 and Tencent OTC shares closed almost 3.8% higher at $69.86.
Photo courtesy: World Economic Forum via Wikimedia
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