Jack Ma’s companies have lost $ 850 billion
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The Chinese government said on Friday that it was closing an investigation against financial technology company Ant. This investigation was going on since 2020. Due to this investigation Ant Group had to cancel its IPO. It was believed to be the biggest IPO in history. China also suffered a big loss due to this investigation. Investors’ confidence in China’s private sector was shaken. Ant had to completely change its business model. The company withdrew from the sensitive sector. Its valuation decreased from $ 315 billion to $ 78.5 billion. On Saturday, the company proposed to buy shares at a 75% discount from the issue price.
condition of alibaba
The performance of Jack Ma’s e-commerce company Alibaba was also not good. The Chinese government took action against the country’s major internet companies. Alibaba was also on its target. The announcement to end the investigation against Ant led to an eight per cent jump in Alibaba’s shares, taking its market value to $234 billion. In 2020, the company’s valuation had reached $ 620 billion at one point. In this way, Alibaba and Ant Group have lost about $ 850 billion since 2020. It all happened because of a statement by Jack Ma. Jack Ma criticized China’s banks and financial regulators in 2020. Since then he rarely appears in public.
Jack Ma was born on September 10, 1964. In 1999, Jack Ma along with his friends founded the e-commerce company Alibaba. Initially, the people of China considered him a swindler, but gradually with the expansion of the Internet, Alibaba’s business also started growing. Ma then founded Taobao Marketplace, Alipay, Ali Mama and Lynx. In September 2014, Alibaba brought an IPO of $ 25 billion in the US and joined the group of the world’s most valuable companies. In March 2020, he became Asia’s biggest rich man by overtaking Mukesh Ambani. But in October the same year, one of his statements became a bone of contention for him.
Jack Ma: Jack Ma of Alibaba has now become a professor as well, appointed in this university of Japan
slipped to number 40
Jack Ma accused China’s banks of having a moneylender-like mentality. Since then, bad days have come for his companies Ant and Alibaba. Ant’s $37 billion IPO was blocked by the Chinese government. Along with this, Alibaba was also fined $ 2.8 billion. According to the Bloomberg Billionaire Index, Ma’s net worth is now down to $34.1 billion and he has slipped to number 40 in the list of the world’s richest. This year his net worth has increased by $ 1.93 billion.
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