Jack Ma loses $3 billion as Ant Group suspends IPO - MellonPost
November 29, 2020

Jack Ma loses $3 billion as Ant Group suspends IPO

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Jack Ma, 56, was on course to becoming Asia’s richest person with Ant Group Co.’s IPO.

The renowned Chinese billionaire saw his holding in Alibaba Group Holding Ltd.’s U.S.-traded shares fell about $3 billion in value as at Tuesday by 11:54 a.m.

This tragic financial hemorrhage was as a result of Ant Group saying that its listings in both Shanghai and Hong Kong have been suspended.

The IPO was the most anticipated in years, attracting at least $3 trillion in orders for its dual listing in Hong Kong and Shanghai and was expected to catapult more than a dozen people to the billionaire status.

Ma owns 4.2% of Alibaba, which owns about a third of Ant that was expected to begin trading this Thursday.

Ant Group IPO breaks record as the world’s largest IPO with $3 trillion of Investors buy-in

The expected Hong Kong listing was said to have been suspended after Jack Ma was called in for “Supervisory Interviews” by a related agency.

However, even with the slight glitch in financial bloom that was greatly anticipated, the former school teacher/e-commerce mogul is still worth about $54 billion, according to the Bloomberg Billionaire’s Index.

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