Jack Ma loses nearly $11 billion as China tightens scrutiny on his business empire ...News

Russia Today - Economy
Jack Ma loses nearly $11 billion as China tightens scrutiny on his business empire
source : Russia Today ( News ) () 22
China’s regulatory crackdown on Jack Ma’s businesses, including e-commerce giant Alibaba and online payments platform Ant Group, has wiped around $11 billion from his fortune in just two months. Jack Ma’s net worth tumbled to $50.9 billion against a peak of $61.7 billion seen earlier this year, according to the Bloomberg billionaires index. The recent losses knocked him into 25th spot on the list of the world’s 500 richest people and he is now fourth among China’s billionaires. The 56-year-old businessman now lags behind Nongfu Spring founder Zhong Shanshan, the founder of online marketplace Pinduoduo, Colin Huang, as well as Tencent’s

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