Jack Ma's Unlucky Fate in 2021, Lost $37 billion in Assets

 In 2021, Jack Ma seems quite free after a long absence. He can go abroad on a trip to Europe. However, regarding wealth, the founder of Alibaba has had bad luck.

Jack Ma used to be consistently the richest man in China. But that title is no longer in his hands because his wealth has plummeted after being thwarted by the government of President Xi Jinping, since his speech criticizing China's financial system.

"Ma, once China's richest man and one of the most talkative tycoons, is spending 2021 out of public view after regulators take strong action against his company," Forbes wrote.

The Chinese government has canceled the IPO of Ant Group which is predicted to raise USD 35 billion. Then, they fined Alibaba worth USD 2.8 billion for violating antitrust rules.

Alibaba's market capitalization is down 46% this year which has a direct impact on Jack Ma's fortune. In total, according to Forbes, Jack Ma lost $37 billion in 2021.

"Jack Ma's fortune has dropped dramatically from its peak. In the past, Jack Ma's fortune was USD 66.6 billion when Alibaba's shares hit a high of around USD 317 per share in October 2020," Forbes said.

As for Jack Ma's new mission, it seems that it is no longer a business but to help education in rural China as well as farmers, while keeping a low profile. This he specifically wrote in a letter sent to Xi Jinping.

"Jack Ma wrote directly to Xi earlier this year offering to devote his whole life to educating rural people, according to a government source who said the president discussed the letter," Reuters wrote.

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