Jack Ma's Row With Beijing Cost His Companies $850-B

Jack Ma's Alibaba and Ant Group collectively lost $850 billion in value since their peak in 2020.

Photo Insert: Ma angered Chinese authorities after giving a speech in October 2020 in which he criticized China's financial regulatory system and claimed Chinese banks were operating with a "pawnshop" mentality.

They came under pressure following Ma's criticism of Beijing, which spurred a regulatory crackdown. On Friday, July 7, 2023, Beijing announced a $985 million fine for Ant Group, signaling an end to the crackdown, Huileng Tan reported for Business Insider.

But the years-long crackdown has taken a heavy toll on Ma's wealth and the market valuations of the companies he holds stakes in.

Alibaba — the flagship company he co-founded — saw a 45%, or $620 billion, drop in market value since shares hit their peak in 2020, per Bloomberg's calculations on Sunday.

Ant Group is now valued at around $78.5 billion — marking a steep 75% discount to the $315 billion in a scuttled IPO before Beijing's regulatory crackdown in 2020.

The $850 billion wipeout in Alibaba and Ant's valuations has sent Ma's net worth plunging from about $61 billion in October 2020 to $34.1 billion as of Monday, Bloomberg's Billionaires Index reported.

Ma has also been lying low for more than two years. Ma angered Chinese authorities after giving a speech in October 2020 in which he criticized China's financial regulatory system and claimed Chinese banks were operating with a "pawnshop" mentality.

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