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 share̵7;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
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