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

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

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

Alibaba, like all other tech behemoths in the world, recorded a surge in stock prices in 2020 due to the sudden escalation of demand for online businesses amid the COVID-19 pandemic. However, government scrutiny on Alibaba Group and other tech companies, including Tencent Holdings Ltd. and food delivery giant Meituan, has massively impacted the confidence of the investors, bringing down the market value of these firms and their 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 November, Ant Group was blocked from making its IPO debut in Shanghai and Hong Kong after regulators called in its founder Jack Ma and other top executives for a meeting. The $37 billion dual listings of Ant Group in the Shanghai and Hong Kong market would have been the 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 the anti-monopoly probe of the e-commerce giant Alibaba Group as CCP is attempting to limit the rapidly-growing power of the tech industries. Following the move, Alibaba shares fell down by 6 percent in the Hong Kong market. As per the Associated Press report, the regulators in the Asian country are primarily focussed on restricting the growth in private sector companies that are appearing to expand into online banking especially at a time when Beijing is trying to diminish the financial risks. 

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

(Image Credit: AP)