Jack Ma’s fortune is dwindling further as a planned repurchase of shares reveals a much reduced valuation for Ant Group Co., the payments business he co-founded.
The 58-year-old tycoon has a 9.9% stake that’s now estimated to be worth $4.1 billion less than almost a year ago, based on the share buyback, average analyst estimates and Fidelity Investments’ valuation, according to the Bloomberg Billionaires Index.
Once China’s richest person, Ma could now be worth about $30 billion, less than half of his peak fortune prior to the derailing of the world’s biggest initial public offering in 2020, according to Bloomberg’s wealth index. Chinese authorities said on Friday they would wrap up a probe of Ant, with the company paying a fine of almost $1 billion.
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