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Alibaba's Jack Ma Now Trails Pinduoduo And Tencent CEOs In Wealth

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Alibaba's Jack Ma Now Trails Pinduoduo And Tencent CEOs In Wealth

Alibaba Group Holding Ltd (NYSE: BABA) founder Jack Ma is now ranked behind Pinduoduo Inc (NASDAQ: PDD) CEO Colin Huang in terms of net worth, Bloomberg reported Tuesday.

What Happened: Huang and fellow Chinese tech mogul Ma Huateng of Tencent Holdings Limited (OTC: TCEHY) are worth $58.6 billion and $53.3 billion, respectively, while Ma is worth $50.9 billion, as per Bloomberg Billionaires Index.

Even amid increased scrutiny by Chinese regulators, the three billionaires — Huang, Pony Ma, and Jack Ma — managed to add $39 billion, $14.7 billion, and $4.3 billion to their wealth respectively in 2020. 

Why It Matters: The founder of Alibaba has seen his wealth erode by $11 billion since the Chinese crackdown began in October, noted Bloomberg.

See Also: Why Pinduoduo Could Be 'Primary Beneficiary' Of Alibaba's China Regulatory Misfortunes

Ma reportedly received a dressing down from Chinese regulators ahead of the initial public offering of Ant Group, a fintech company he co-founded.

The IPO — expected to be the largest in history —  was suspended by Chinese authorities in November.

Price Action: On Friday, Alibaba shares closed 6.14% higher and gained 0.89% in after-hours trading in New York. On the same day, Pinduoduo shares closed nearly 15.6% higher at $166.19 and Tencent OTC shares closed almost 3.8% higher at $69.86.

Photo courtesy: World Economic Forum via Wikimedia

 

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