- Jack Ma lost about $ 3 billion of his fortune on Tuesday after it was reported that Ant Group’s IPO would be delayed.
- Regulators in Shanghai and Hong Kong have suspended the highly anticipated IPO, attracting $ 3 trillion in bids and is considered the largest IPO in history.
- Shares of Alibaba, which owns one-third of Ant Group, fell as much as 10 percent on Tuesday.
- Ma owns 4.2% of Alibaba, worth more than $ 775 billion.
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Jack Ma̵7;s net worth fell about $ 3 billion on Tuesday, according to the Bloomberg Billionaires Index, after a delayed Ant Group IPO caused Alibaba shares to plunge 10%.
Alibaba owns 33% of Ant Group, and Jack Ma owns 4.2% of Alibaba, a company with a market capitalization of about $ 775.5 billion.
Ant Group is set to list on the Hong Kong and Shanghai exchanges this week with the expected largest IPO in history. Ant Group was set up to raise nearly $ 35 billion in proceeds from the offering.
The deal was put in place so big that it attracted $ 3 trillion bids, or 872 times the exchange’s stock supply.
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The postponement of Ant Group’s IPO comes a day after Ma and two of Ant Group’s top executives were convened to meet with Chinese regulators. According to Reuters, regulators told the trio that “Ant’s lucrative online lending business will face stricter government scrutiny.”
However, even as Alibaba shares fell today, Ma is still worth about $ 54 billion, according to Bloomberg.