– Jack Ma, the founder of Alibaba, has lost over half of his $61 billion fortune in the past three years.
– Ma's wealth currently stands at just over $30 billion, with a recent drop of around $4 billion in one week.
– The decline in Ma's wealth is attributed to his controversial comments about the Chinese government and his subsequent clash with authorities.
– Alibaba and its online payment service Ant Group, both tied to Ma's fortune, have been the subject of probes by Chinese authorities.
– Beijing's pressure on Alibaba and Ma led to the cancellation of Ant Group's IPO, Ma relinquishing control of the company, and Alibaba being fined $2.8 billion for antitrust violations.
– China's financial regulators recently concluded their investigation into Ant Group, imposing a fine of close to $1 billion for breaches related to consumer protection and corporate governance.
– China's financial regulators recently concluded their investigation into Ant Group, imposing a fine of close to $1 billion for breaches related to consumer protection and corporate governance.
– Ma's 9.9% stake in Ant is now estimated to be worth $4 billion less than a year ago, with the company's valuation dropping from $315 billion to around $78.5 billion.
– Ma's disappearance from public view fueled rumors of house arrest and questions about his well-being, but he has since made sporadic public appearances.
– Ma has taken on teaching roles at the University of Tokyo and the University of Hong Kong, signaling a shift in his activities.
– Alibaba's stock and the companies Ma founded reportedly lost $850 billion due to the regulatory crackdown.
– Despite the challenges, representatives for Ma did not provide a comment on the situation.