Jack Ma’s wealth drops RM19.06bil as Ant’s valuation slashed

Once China’s richest person, Ma could now be worth about US$30bil (RM139.47bil), less than half of his peak fortune prior to the derailing of the world’s biggest initial public offering in 2020, according to Bloomberg’s wealth index. — AFP

Jack Ma’s fortune is dwindling further as a planned repurchase of shares reveals a much reduced valuation for Ant Group Co, the payments business he co-founded.

The 58-year-old tycoon has a 9.9% stake that’s now estimated to be worth US$4.1bil (RM19.06bil) less than almost a year ago, based on the share buyback, average analyst estimates and Fidelity Investments’ valuation, according to the Bloomberg Billionaires Index.