Jack Ma, the founder of Alibaba and Ant Group, has seen his net worth drop to just over $30 billion, a significant decrease from his peak wealth of $61.7 billion. This decline has been particularly sharp in the past week, with Ma losing around $4 billion, Fortune reports.
Controversy and Consequences
Ma’s wealth is closely tied to Alibaba and Ant Group, both of which have been under scrutiny by Chinese authorities following Ma’s criticism of China’s financial regulators. This led to the cancellation of Ant Group’s $34.5 billion IPO, a $2.8 billion antitrust fine for Alibaba, and Ma relinquishing control of Ant Group.
Regulatory Crackdown
Last week, Chinese financial regulators concluded their investigation into Ant Group, imposing a fine close to $1 billion for violations of consumer protection and corporate governance regulations. This has resulted in a significant drop in Ant Group’s valuation, and consequently, Ma’s net worth.
See Also: Jack Ma-Backed Ant Group To Buy Back Shares At 70% Lower Valuation Than At IPO
Ma’s Current Activities
Since his confrontation with the Chinese government, Ma has returned to teaching, accepting temporary positions at the University of Tokyo and the University of Hong Kong. His public appearances have been infrequent, sparking rumors about his whereabouts and well-being.
Read Next: What’s Going On With Alibaba Stock Monday?
Jack Ma Photo by Frederic Legrand – COMEO on Shutterstock
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