Chinese Billionaire Jack Ma’s Net Worth Halves In Less Than A Year. Know Why 

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Once the richest man in China, Jack Ma’s worth has tanked by half in less than a year. The reason for the Chinese billionaire’s downfall is his rise in the first place. His company Alibaba, just a year ago, was worth more than any US company except Apple, Amazon, and Google. He is also the


Once the richest man in China, Jack Ma’s worth has tanked by half in less than a year. The reason for the Chinese billionaire’s downfall is his rise in the first place. His company Alibaba, just a year ago, was worth more than any US company except Apple, Amazon, and Google. He is also the creator of the world’s largest fintech company Ant Group. The group operates Alipay, China’s largest digital payment platform. However, Ma’s popularity became his ultimate enemy.  Several surveys indicated that the Alibaba founder was more well-known outside China than President Xi Jinping. He was also not liked by many within the Chinese government.

How the downfall started

Ma’s downfall originated with the cancellation of Ant Group’s $34.5 billion IPO that was scheduled in the second half of the last year. The initial public offering of Ant Group was estimated to be the largest in the world, surpassing even Aramco, Saudi Arabia’s oil giant. However, the Chinese government cancelled the IPO by levelling charges of irregularities in the company.

Gradually, the values of his companies diminished, and so his own worth. Later, Ma’s hold on his companies was systematically weakened, which led to him selling his holdings in multiple subsidiaries.

Why was Jack Ma brought down

Ma’s worth has not declined due to natural market forces, but because he dared to criticise the Chinese system. Ahead of the scheduled IPO of Ant Group in November 2020, Ma targeted the Chinese bureaucracy and country’s financial regulators. He also came down heavily on the government-supported banks. This harsh viewpoint of the Chinese system didn’t go down well with the authorities who have a history of not being kind to dissenters.

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