The richest person in China has dropped to the 25thwealthiest person in the world, now owning $50 billion from $61 billion in theearly part of 2020, with his steepest fall in the last two months. Beijing hasbegun evaluating the empire of Ma.
His company Alibaba, like all other online service facilitatorsduring the pandemic COVD-19, saw its use skyrocket in last half-year or so.Still, the victory could not see the light of year 2021 as the Chinesegovernment has brought tech companies including Alibaba, Tencent Holdings Ltd,and food delivery company Meituan. Consequently, the investors seem shaken andthus the market value of the companies has dropped in response.
The grip was tightened around Ma in November, when his firm’sinitial public offering (IPO) was blocked in Shangai and Hong Kong as regulatorscalled him with other top executives for a meeting.
The Chinese government is attempting to limit the growingpower of tech industries, and on 24th of this month anti-monopolyprobe was initiated against Alibaba Group. Associated Press report believes themotivation for the government is to nip in the bud the growing clout of privatecompanies which may in time extend to online banking.