One of the world's top billionaires, Jack Ma, has lost as much as $850 billion over the last three years and this was because of critique against Beijing and China's regulations on the financial sectors amidst the pandemic. Since then, Alibaba and the Ant Group were subject to investigations and were made to pay fines for their operations.
Alibaba and the Ant Group have yet to overcome their financial slump in the present, notably as the company has struggled for the past three years from China's iron hand against them.
Jack Ma Lost $850 Billion with Alibaba and Ant Group
(Photo : Elaine Thompson-Pool/Getty Images)
The Straits Times reported that Jack Ma, Alibaba, and the Ant Group's conflict with Beijing is now over, and this finally ends the almost three years of regulatory probe against the company. Over those years, Ma's companies faced significant fines that amount to more than $850 billion, affecting its operations and supposed IPO.
With this probe, it left Alibaba clinging to life as it lost more than what it gained, with three consecutive quarters only seeing a single-digit growth for the company, with the most recent report from June.
Since then, Alibaba also saw a major overhaul of the company, and the once solid tech corporation has pushed into splitting into six different businesses. Its current valuation now is $264 billion, down by $620 billion from its peak in 2020.
Jack Ma vs. Beijing is Now Over, Time to Rebuild?
Beijing and Jack Ma's spat is now over, but that did not end on a good note for the tech empire, as it faced a $1 billion fine to pay for Ant Group.
It was known that because of this regulatory crackdown, Ant Group was forced to pull out from a supposed IPO, originally envisioned at a record-breaking amount of $315 billion, but dropped to only $78.5 billion.
Ant is also looking to buy back shares from investors in hopes of saving the company and repurposing it in the future. For now, Jack Ma, Alibaba, and the Ant Group are looking to recuperate from their losses, soon to rebuild what it has lost amidst the three-year probe.
Jack Ma and His Massive Tech Empire
While Jack Ma is no longer a chairman at one of the world's most famous e-commerce platforms, Alibaba, he is still regarded as one of its key leaders and head, with the company still highly affected by his actions. The tech billionaire and mogul has established a significant business in the world, also known for his philosophies and beliefs surrounding the industry.
However, this does not mean that Ma, Alibaba, and the Ant Group are left unchecked or immune to said regulations, especially with China's laws and beliefs.
Back in 2021, Alibaba faced a fine of as much as $2.75 billion to pay the government for its alleged monopolistic practices with the e-commerce platform.
Since then, Ma's companies faced struggles and hardships to get it back on track, losing more than what it gained in its operations.
The massive terror may be over now, with Alibaba and Ant Group now looking to improve its current situation, but this only shows that Jack Ma has a lot more work to do for the future of his empire.
Related Article: Alibaba Expands into Europe with Tmall; Supporting Local Brands, Customers
