According to a CNN report, China’s state broadcaster CCTV reported that a man named Ma was detained on April 25. He is accused of conspiring against the government in collaboration with anti-China forces. As soon as this news came, investors in Hong Kong started selling shares of Alibaba. Within minutes, the company’s market cap fell by $26 billion. Later, the former editor-in-chief of Global Times clarified that the person detained was not Alibaba’s founder Jack Ma but someone else.
screwing with the government was costly
After that, the decline in Alibaba’s shares stopped and by the close of the day’s trading, it made most of the recovery. Jack Ma was once Asia’s greatest aristocrat, but criticism of the government has compounded his troubles in recent years. The Chinese government halted their Ant Group IPO at the end of 2020. Since then he is rarely seen in public. He hasn’t posted a post on Weibo since October 2020. He has 25 million followers on this social platform.
Chinese apps ban: 54 more apps from China were banned, your data was being sent abroad, see the full list here
Jack Ma was once Asia’s biggest rich but today he has slipped to 31st place in the list of world’s rich. Ma’s net worth is now $36.3 billion, according to the Bloomberg Billionaires Index. His net worth has decreased by $2.10 billion this year. School teacher-turned-billionaire Ma used to be an inspiration to the people of China. But due to the actions of the Chinese government against tech companies, their net worth has come down significantly. Today he has slipped to the sixth place in the list of the riches of Asia.
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