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Jack Ma wealth fell down drastically! Know why

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Billionaires are running towards earning more and more. And to set themselves on the list of the world’s richest top 10 people. Jack Ma is one of those. He is trying to increase his wealth as much as he can. And for this, he came forward with an IPO. With this IPO, many people were saying that he will become Asia’s richest man. But after it came into the market, his total wealth fell down by $3 billion. All the investors are in shock because this IPO was a good one. And was expecting huge funds. The name of this IPO is Ant Group Co.

Jack Ma is the owner of Alibaba Group Holding Ltd. And this company’s shares fell 8.1% in New York. And in Hong Kong stock it fell down by 9.3% at the starting of the day only. This was after Ant’s IPO got suspended in both Shanghai and Hong Kong.

He was earlier an English teacher and is currently 56 years old. After that, he came forward with Alibaba. He started this company with $60,000 only. And this company is now China’s largest e-commerce company. He was expecting that after this IPO will raise $34.5 billion. But as the day came it was able to raise only $27.4 billion.

The stock deal was the most foreseen in years, pulling, in any event, $3 trillion in orders for its double posting. The rush for shares had lowered expectations of a major first-day hop and started a furor among singular speculators in China clamoring for a piece. The IPO would likewise have supported the fortunes of a gathering of early financial specialists and representatives, with in excess of twelve others scheduled to get extremely rich people.

Mama possesses 4.2% of Alibaba, which holds about 33% of the fintech organization that was required to start exchanging on Thursday.

Reason Behind Suspending Ant’s IPO

The reason behind suspending Ant’s listing in the Shanghai stock exchange was crucial. This reason was, Jack Ma was called in for “supervisory interviews” by related agencies. Due to which in Shanghai and Hong Kong, suspending of Ant’s listing took place. But after this fall also, he is much rich. Currently, his net worth is $58 billion, according to the Bloomberg Billionaires Index. The biggest stakeholders of this company Ant are wealthy people. They include Hong Kong’s Li Ka-Shing, the family behind a French supermarket giant, the son of a Taiwanese real estate billionaire, and Chinese retail tycoon Shen Guojun.

In 2014, Ant received the staff share-based awards. And after this IPO, people were saying that at least 18 people will become billionaires. Lucy Peng, a director at the payments giant through August and the biggest individual Ant owner was expecting his wealth as $5 billion after this IPO. And beside him, the other 6 female owners would have become a billionaire.