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Doris Yu · · 1 min readJack Ma loses China’s richest man title after scrutiny into Alibaba, Ant
“Alibaba and Ant Group founder Jack Ma has lost the title of China’s richest man, a list published on Tuesday showed, as his peers prospered while his empire was put under heavy scrutiny by Chinese regulators,” reported Reuters.
Details:
- Ma and his family ranked first as China’s richest in the Hurun Global Rich List in 2019 and 2020.
- He now holds fourth place, following bottled water maker Nongfu Spring’s Zhong Shanshan, Tencent’s Pony Ma, and Collin Huang from social commerce firm Pinduoduo.
Context:
- Ma lost the first rank after Chinese regulators launched alleged anti-monopoly probes into his companies Alibaba and Ant Group.
- The business magnate also disappeared from the limelight for around three months, only to resurface in a 50-second video in January, in which Ma said that he was looking to spend more time on philanthropy.
Editing by Collin Furtado and Jaclyn Tiu
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