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Jack Ma’s fortune slumps $3 billion after Ant IPO freeze
Finance
- 04 November, 2020
- 11:27
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.
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