قالب وردپرس درنا توس
Home / Business / Alibaba (NYSE: BABA) – Jack Ma lost $ 3 billion in a day after the stock crash of Alibaba

Alibaba (NYSE: BABA) – Jack Ma lost $ 3 billion in a day after the stock crash of Alibaba



Alibaba Group Holding Ltd (NYSE: BABA) Co-founder Jack Ma’s fortune eroded nearly $ 3 billion as Chinese conglomerate shares fell more than 8% in New York after dual-listed Ant Group in Shanghai and Hong Kong suffered suspension, according to the Bloomberg Billionaire Index.

What happened: Ma, a former English teacher, still has a net worth of $ 56.1 billion – has added $ 11.5 billion to his fortune so far, according to Bloomberg. The Chinese billionaire owns 4.2% of Alibaba and a third of Ant shares, worth $ 27.4 billion at the initial public offering price.

Why is it important: The IPO, scheduled to raise $ 34 billion, was suspended by the Shanghai Stock Exchange on Tuesday. The offering was oversubscribed with bids exceeding the share̵

7;s value by 870 times.

The Ant List has also generated at least 18 billionaires, including early investors and employees.

Price action: Shares in Alibaba closed down nearly 8.1% at $ 285.57 on Tuesday and fell 0.16% in after-hours trading.

See also: Jack Ma said Ant Group’s IPO was’ the biggest in human history

World Economic Forum photo on Flickr

© 2020 Benzinga.com. Benzinga does not provide investment advice. All Rights Reserved.


Source link