The pressure on Chinese tech billionaire Jack Ma is ratcheting up as a state-run group scraps a deal to invest in Ant Group’s consumer finance arm, and as state media implicates the group in a corruption scandal.
As they rue the hefty losses they have suffered from the latest vicious sell-off in tech stocks, investors might find some comfort in contemplating the misfortune that has befallen Jack Ma, the creator of Chinese e-commerce giant Alibaba Group.
Like all tech billionaires, Ma, who was previously China’s richest man, has seen his wealth hammered by the latest tech stock rout; the tech-heavy Nasdaq Composite slumped 7.6 per cent last week.
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Karen Maley writes on banking and finance, specialising in financial services, private equity and investment banking. Karen is based in Sydney. Connect with Karen on Twitter. Email Karen at karen.maley@afr.com
