Chinese business magnate Jack Ma has seen his net worth decline by $6.24 billion this year, due to a decrease in the value of his holdings in Alibaba and Ant Group. As of December 31, 2022, Ma’s net worth was $32.2 billion, down from $38.4 billion at the start of the year, representing a YTD change of about 16.2%.
The 58years old Ma is the biggest shareholder in both Alibaba and Ant Group, the founder of the Chinese e-commerce company Alibaba Group, which runs the websites Taobao and Tmall. Although he is anticipated to cut his holding in Ant to “no more than 8.8%,” according to Alibaba’s 2014 IPO prospectus, he now owns 3.9% of Alibaba and 9.9% of Ant Group.
According to a Bloomberg Intelligence analysis, Ant Group, an online payment firm, was valued at $150 billion in 2018 and is now worth $103 billion. The majority of Ma’s fortune comes from these publicly traded companies; however, because The Jack Ma Philanthropic Foundation owns the shares of Yun Capital and Ying Capital, these shares are not included in the computation of Ma’s net worth.
Alibaba Group had a revenue of over $343 billion in the year to date 2022, making it one of the largest e-commerce companies in China. Despite this significant loss in net worth, Ma remains a major player in the business world, with a significant stake in two of the most successful companies in the country.