Hyderabad (Telangana): Amid the heavy scrutiny by Chinese regulators, Alibaba and Ant Group founder Jack Ma has lost the title of China’s richest person.
As per the Hurun Global Rich List published on Tuesday, Jack Ma has a wealth of USD 55 billion and trails in fourth place behind water maker Nongfu Spring’s Zhong Shanshan, Tencent Holding’s Pony Ma and e-commerce upstart Pinduoduo’s Collin Huang.
“Last year’s Number One Jack Ma Yun of Alibaba, 57, dropped out of the Top Three for the first time in three years, after China’s regulators reined in Ant Group and Alibaba on anti-trust issues,” said the Hurun Global Rich List 2021.
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According to media reports, Jack Ma’s recent woes were triggered by an October 23 speech in which he blasted China’s regulatory system, leading to the suspension of his Ant Group’s USD 37 billion Initial Public Offer (IPO) just days before the fintech giant’s public listing.
“Chinese regulators also began to tighten their grip on the fintech sector and have asked Ant to fold some of its businesses into a financial holding company to be regulated like traditional financial firms,” news agency Reuters reported on Tuesday.
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“Ma, who is not known for shying away from the limelight, then disappeared from the public eye for about three months, triggering frenzied speculation about his whereabouts. He re-emerged in January with a 50-second video appearance,” added the Reuters report.
Interestingly, the Hurun report pointed out that Jack Ma’s social influence is growing despite the erosion in his ranking in the billionaire’s list.
“Billionaires are growing in social influence. In China, the likes of Jack Ma of Alibaba and Lei Jun of mobile phone maker Xiaomi have over 20 million viewers on Weibo,” said the report.
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