Alibaba and Ant lost almost $850 billion due to Jack Ma’s conflict with the Chinese authorities
[ad_1]
Alibaba Group and Ant Group have lost almost $850 billion of their capitalization since the fall of 2020, reports Bloomberg. Then began the Chinese authorities’ campaign to “centrally fix” the problems in Jack Ma’s business empire, which ended only last Friday with the imposition of fine on Ant in the amount of $984 million.
In September 2020, Chinese regulators called company founder Jack Ma for questioning, and then announced on the cancellation of the impending IPO Ant. As the Western media then reported, behind this decision stood Xi Jinping, who did not like that Mr. Ma repeatedly criticized the Chinese authorities. And the cancellation of the IPO was followed by almost three years of investigations against Mr. Ma himself and his companies.
During this time, the market capitalization of Alibaba Group has decreased by more than $ 600 billion – from a peak of $ 837.8 billion in October 2020 to the current $ 234 billion. Ant Group, in turn, was estimated at $ 315 billion as part of the upcoming IPO. However, based on Saturday company’s share buyback proposal, Ant itself now values itself at $78.5 billion.
[ad_2]
Source link
