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It was the kind of brazen PR stunt that Jack Ma might have dreamed up. But this wasn’t the flamboyant Chinese billionaire who disappeared from public view eight months ago. It was Mark Zuckerberg, bobbing up and down on a hydrofoil surfboard, clutching an American flag and exuding all the confidence of a man worth $130 billion. The contrast between the social media mogul’s July 4th Instagram video and the day’s big event in China could hardly have been starker. Regulators in Beijing had just hours earlier banned Didi Global Inc.’s ride-hailing service from app stores, delivering their latest hammer blow to an entrepreneurial elite that once seemed destined to challenge Zuckerberg and his U.S. peers at the top of the world’s wealth rankings.
Billionaire factory shudders as China cracks down bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
(Dec 30): Jack Ma’s net worth has tumbled by almost US$11 billion since the end of October, as China stepped up scrutiny of his empire and the country’s tech behemoths.
The 56-year-old former English teacher often associated with the meteoric rise of China’s internet sector reached a peak of US$61.7 billion this year and was poised to regain the title of Asia’s wealthiest person.
Now, with a fortune of US$50.9 billion, he’s since slipped to 25th on the Bloomberg Billionaires Index, a list of the world’s 500 richest people.
While the co-founder of Alibaba Group Holding Ltd has been at the centre of the clampdown, he isn’t the only one feeling the squeeze.