Jack Ma’s wealth drops $3 billion after Ant Group IPO freeze
Ma, a 56-year-old former English teacher who co-founded Alibaba, would have leaped up the wealth rankings with Ant’s planned $35 billion share sale
Ma owns 4.2% of Alibaba, which owns about a third of the fintech company
Jack Ma was poised to become Asia’s richest person with Ant Group Co.’s public offering. Instead his net worth has tumbled almost $3 billion and both retail and institutional investors who were betting on a big first-day pop are in limbo.