Jack Ma loses $3 billion as Ant Group suspends IPO

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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