Jack Ma’s fortune continues to shrink as Ant Group, the payments company he co-founded, reveals a much lower valuation amid a planned share repurchase, according to a Bloomberg report.
The Bloomberg Billionaires Index estimates Ma’s 9.9% stake to be worth $4.1 billion less than a year ago. Now worth around $30 billion, Ma’s wealth is less than half of his peak fortune before Ant Group’s IPO was derailed in 2020.
The company, which has significantly revised its business model due to regulatory pressures, now has a valuation of approximately $78.5 billion, a sharp decrease from the anticipated $315 billion post-IPO.
Bloomberg Intelligence senior analyst Francis Chan suggests Ant may need to rebuild its profit base as 2022 earnings are nearly halved from 2020. Despite the financial downturn, Ma remains China’s fifth-richest person, according to the Bloomberg Index.
BusinessNewsAsia