Jack Ma CEO Alibaba lost about $3 billion of his wealth on Tuesday after it was revealed that the Ant Group IPO would be delayed.
Jack Ma who was set to be Asia’s richest man has seen his net worth fall by about $3 billion on Tuesday, according to Bloomberg’s Billionaire Index. And this was after the delayed Ant Group IPO which sent shares of Alibaba down by as much as 10% and affected his personal wealth.
Alibaba owns 33% of Ant Group, and Jack Ma owns 4.2% of Alibaba, which has a market capitalization of about $775.5 billion.
Ant Group was set to go public via a dual listing on the Hong Kong and Shanghai exchanges this week in what was expected to be the largest IPO in history. Ant Group was set to raise nearly $35 billion in proceeds from the offering.
The deal was set to be so big that it attracted $3 trillion in bids or roughly 872 times the exchange’s supply of shares.
The suspension of the Ant Group IPO came one day after Ma and two top executives of Ant Group were summoned to meet with Chinese regulators. According to Reuters, regulators told the trio that Ant’s “lucrative online lending business would face tighter government scrutiny.”
Still, even with today’s drop in shares of Alibaba, Ma is still worth about $54 billion, according to Bloomberg.