Jack Ma's wealth plunges by 11 million in 2 months after China scrutiny
New Delhi | Jagran Business Desk: Alibaba co-founder Jack Ma's net worth has plunged by 11 million since the end of the October, after China kicked off an investigation into alleged monopolistic practices at Alibaba Group. With a fortune of USD 50.9 billion, Jack Ma has slipped to the 25th spot in the Bloomberg Billionaire Index.
The country's tech giants have lost hundreds of billions of dollars in market value in recent weeks as the increased scrutiny by the Chinese government has forced investors to rethink their holdings in these companies, according to a report by Bloomberg.
"There is a wave of similar signs showing that China's tech giants are staying on the radar of authorities," said Bruce Pang, head of macro and strategy research at China's Renaissance Securities Hong Kong. "The anti-monopoly drafted guidance and anti-trust review are just two of those things."
The 56-year-old Alibaba co-founder has now slipped to the 25th spot in the Bloomberg Billionaire Index. Under Ma's leadership, Alibaba grew to become one of Asia's most valuable listed companies and has expanded into financial services, cloud computing and artificial intelligence.
Reliance Industries Limited (RIL) chairman Mukesh Ambani remains the richest Asian on the planet. Ambani had jumped several places up on the index in July and August as the shares of Reliance Industries Limited surged after Billionaire and Facebook founder Mark Zuckerberg announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in the firm. The 63-year old Businessman was the only Asian tycoon to feature in the exclusive club of top 5 richest people in August.
Posted By: Lakshay Raja