Alibaba Group Holding Ltd
co-founder Jack Ma’s wealth eroded by nearly $3 billion as the Chinese conglomerate’s shares fell more than 8% in New York after its Ant Group’s dual listings in Shanghai and Hong Kong were suspended, according to the Bloomberg Billionaires Index.
What Happened: Ma, a former English teacher, is still worth $56.1 billion — having added $11.5 billion to his wealth year-to-date, as per Bloomberg. The Chinese billionaire owns 4.2% of Alibaba and one-third of Ant, valued at $27.4 billion at the initial public offering price.
Why It Matters: The IPO, expected to raise $34 billion, was suspended by the Shanghai Stock Exchange on Tuesday. The offer was oversubscribed with bids exceeding the value of shares by 870 times.