The founder of the multinational ecommerce company, Alibaba Group and the Ant has so far seen himself dropped from his top held position on the list as the Chinese’s richest man with a whooping $54 billion.
His is been holding onto this position for more than a decade until his foul mouth found it way into the den of China’s communist government.
Alibaba and Ant Group founder Jack Ma has lost the title as the richest man in China, a list published on last week Tuesday showed, as his peers prospered while his empire was put under heavy scrutiny by Chinese regulators.
Ma and his family had held the top spot for China’s richest in the Hurun Global Rich List in 2020 and 2019 but now trail in fourth place behind bottled water maker Nongfu Spring’s Zhong Shanshan, Tencent Holding’s Pony Ma and e-commerce upstart Pinduoduo’s Collin Huang, the latest list showed.
His fall out of the top three comes “after China’s regulators reined in Ant Group and Alibaba on anti-trust issues,” the Hurun report said.
Ma’s recent woes were triggered by an Oct. 24 speech in which he blasted China’s regulatory system, leading to the suspension of his Ant Group’s $37 billion IPO just days before the fintech giant’s public listing.
Source: Reuters ( Beijing )