Baku 22° C
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.
Author
Latest News
23:01
Iranian FM: Draft agreement with US under review by authorities
Region22:35
MEDİA condemns French media's defamatory campaign against Azerbaijan
Media22:09
Azerbaijan and Slovakia discuss prospects of bilateral relations
Foreign policy21:57
AZAL flights to Nakhchivan return to Baku due to adverse weather
Business21:52
Mass shooting in Texas leaves one dead and several injured
Other countries21:46
US warns Ukraine about possible Russian strike using Oreshnik missile
Other countries21:45
EU agrees to open accession negotiations with Ukraine and Moldova
Other countries21:38
23 Azerbaijani citizens repatriated from Syria
Foreign policy21:26