Jack Ma lost $11 billion in last two months amid increased scrutiny by China: Report

China's richest man and co-founder of Alibaba Group Jack Ma has lost $11 billion in last two months since Beijing began scrutinising his empire and or tech giants in country. According to Bloomberg Billionaires Index, Jack Ma w owns a fortune of $50.9 billion, which has decreased from $61.7 billion earlier this year bringing him down to 25th position on list of world's wealthiest people. 

Read: China Intensifies Alibaba Crackdown With Anti-mopoly Probe; Xi Unrelenting On Jack Ma

Alibaba, like all or tech behemoths in world, recorded a surge in stock prices in 2020 due to sudden escalation of demand for online businesses amid COVID-19 pandemic. However, government scrutiny on Alibaba Group and or tech companies, including Tencent Holdings Ltd. and food delivery giant Meituan, has massively impacted confidence of investors, bringing down market value of se firms and ir subsidiaries (if any). 

Read: China Blocks Jack Ma's Ant Group Co From Making Biggest Stock Market Debut

Regulators block IPO listing of Jack Ma's firm

Earlier in vember, Ant Group was blocked from making its IPO debut in Shanghai and Hong Kong after regulators called in its founder Jack Ma and or top executives for a meeting. $37 billion dual listings of Ant Group in Shanghai and Hong Kong market would have been world's biggest-ever stock-market debut. 

Read: Canada Demands Transparency In Hong Kong Protestors Case After Reports Of 'secret Trial'

On December 24, Chinese regulators launched anti-mopoly probe of e-commerce giant Alibaba Group as CCP is attempting to limit rapidly-growing power of tech industries. Following move, Alibaba shares fell down by 6 percent in Hong Kong market. As per Associated Press report, regulators in Asian country are primarily focussed on restricting growth in private sector companies that are appearing to expand into online banking especially at a time when Beijing is trying to diminish financial risks. 

Read: China's Crackdown On Jack Ma Worsens, Pressure Mounts On Ant Group To Shake Up Its Lending

(Im Credit: AP)