Jack Ma, the co-founder of Alibaba Group and one of the 25th richest person in the world, is slowly dying out. One of his remarks made on the Chinese President was so heavy on him that in just 8 months, more than half of his wealth was reduced. Not only this, he also slipped in the list of the rich. Earlier the valuation of Alibaba was $ 857 billion, it has now come down to $ 588 billion.
Similarly, the valuation of Ant group has also come down from $470 billion to just $108 billion. NT Group’s IPO got canceled last year before entering the market, due to which Jack Ma suffered a lot. Apart from this, it was difficult for them to mess with the Chinese government. One of his remarks angered the Communist Party. As a result, the government ordered his conglomerate Alibaba to sell its media assets. From here the stars of Jack Ma went into the heat.
Criticism of Chinese President became trouble
Jack Ma criticized the Chinese President last year. He asked the Chinese government not to try to suppress efforts to start new things in business. Not only this, he even termed the global banking rules as a ‘club of the elderly’. This comment of his did not go down well with the Communist Party of China. Since then his bad days started. Gradually their companies started being targeted. First the IPO of NT Group was canceled, then the business of the company was sold. After this there was much more damage. This reduced Jack Ma’s net worth. Slowly Jack Ma is losing control of his group. They have to sell their stake.
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A year ago, Jack Ma was the richest man in China. He created China’s largest tech company Alibaba and the world’s largest Fintech company Ant Group. When he launched Alibaba’s offer, it was worth $ 25 billion. Had he brought the NT Group IPO, its valuation would have been $34.5 billion.