Jack Ma's wealth tumbles by $12 billion in 2 months as China seeks to shrink the billionaire's financial empire

Jack Ma's wealth tumbles by $12 billion in 2 months as China seeks to shrink the billionaire's financial empire
snagarajan@businessinsider.com (Shalini Nagarajan)
© Shu Zhang/Reuters
Alibaba founder Jack Ma. Shu Zhang/Reuters
Alibaba founder Jack Ma's wealth has fallen by $12 billion in just two months, from about $62 billion to $50.9 billion, according to the Bloomberg Billionaires Index.
Ma's net worth has dropped as China tightens rules for the financial technology industry in the country.
Beijing wants more oversight of Ma's financial empire: Ma's Ant Group has reportedly been forced to create a separate holding company for the group's financial operations.
The holding company will be regulated by China's central bank, potentially curbing its ability to expand at the rate it has been in the past few years.

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