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Deepti Sri · · 1 min readTencent CEO Pony Ma loses $14b amid China crackdown
“Tencent’s mild-mannered boss, Pony Ma, has lost more paper wealth over the past nine months than Jack Ma, the combative co-founder of Alibaba and Ant Group,” reported Bloomberg.
Details:
- Tencent founder and CEO Ma Huateng, also known as Pony Ma, has reportedly lost US$14 billion on Tuesday as his personal net worth slumped to US$45.8 billion. The mounting losses come amid a continued crackdown on tech giants by Chinese authorities since Ant Group’s blockbuster public listing was suspended by regulators in November last year.
- Pony Ma ranks third on the list of China’s billionaires, behind Zhong Shanshan, who has a net worth of US$71.5 billion, and Jack Ma, whose fortune stands at US$47.8 billion.
Dive deeper:
- In April, China’s State Administration of Market Regulation slapped a US$1.5 billion fine on Tencent for not properly reporting past acquisitions and investments for antitrust reviews.
- China has also issued fines against 12 companies – including ride-hailing platform Didi Chuxing and search engine Baidu – over 10 investment deals in the internet sector that allegedly violated the country’s antimonopoly law.
Editing by Miguel Cordon and Arpit Nayak
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