Owner of Alibaba and the Ant Group, Jack Ma has dropped from the top spot to become the 4th richest man in China after his stunt with Chinese regulators.
Jack Ma who had criticized the regulators approach to innovation had his fingers badly burnt as his IPO, set to become the most grandiose ever was abruptly called off after Chinese regulators found fault in the fintech days away from its go public date.
Regulators also launched an official antitrust probe into the Ant Group and moved to have the financial arm of the Ant Group regulated like other traditional firms in the region.
The top five richest now are Zhong Shanshan, Colin Zheng Huang, Pony Ma, Jack Ma, and Zhang Yiming – TikTok founder.