Jack Ma’s fortune slumps $3 billion after Ant IPO freeze

Economic Department
Post's author

According to Bloomberg's Billionaire Index, Jack Ma's net worth fell by about $3 billion on Tuesday, after the delayed Ant Group IPO sent shares of Alibaba down by as much as 10%.

According to Report, this follows from Forbes Real-Time data. Alibaba owns a third of the Ant Group. The failure of the IPO caused the company's shares to collapse.

The suspension of the Ant Group IPO came one day after Ma and two top executives of Ant Group were summoned to meet with Chinese regulators. According to Reuters, regulators told the trio that Ant's "lucrative online lending business would face tighter government scrutiny."

According to Bloomberg, even with today's drop in shares of Alibaba, Ma is still worth about $54 billion.

Latest news

Deputy Minister: ‘Relations between Azerbaijan and Poland are based on historical roots’ 30 April, 2024 / 20:49
French prisons overcrowded as inmate population hits unprecedented levels 30 April, 2024 / 20:42
Azerbaijan’s monthly methanol exports rise in value 30 April, 2024 / 20:31
Polish President and Prime Minister plan to attend COP29 30 April, 2024 / 20:12
Ukraine withdraws from agreement on public health within CIS 30 April, 2024 / 20:03
Ukraine allocates another $392M for purchase of drones 30 April, 2024 / 19:55
Azerbaijani ambassador meets with British minister 30 April, 2024 / 19:39
Sri Lanka plans to create committee to fight corruption in tourism sector 30 April, 2024 / 19:30
Samad Seyidov: ‘Schwabe's views are a manifestation of Azerbaijan-phobic rhetoric’ - UPDATE 30 April, 2024 / 19:15
ANAMA Chairman: “Landmine problem has a significant negative impact on the development efforts of the region’ 30 April, 2024 / 19:03
President Ilham Aliyev receives representatives of U.S. Mormon Church and Stirling Foundation 30 April, 2024 / 18:42
Azerbaijan Army servicemen participate in “Kurtaran – 2024” underwater search and rescue exercises 30 April, 2024 / 18:38
Foreign Minister: ‘Armenia is ready to open all transport communications with Azerbaijan and Türkiye’ 30 April, 2024 / 18:10
Russian MFA: ‘Multilateral consultations will be held with Türkiye in the coming days’ 30 April, 2024 / 18:06
French people to use European Parliament elections to express dissatisfaction with Macron - POLL 30 April, 2024 / 17:53