Chinese billionaire Jack Ma is US$752 million poorer after Alibaba Group Holding Ltd. plunged to its lowest close since its blockbuster listing a year ago.
But Ma is still worth US$31.2 billion despite having had 2.4 percent of his wealth wiped out as the stock tanked 5.1 percent to close at US$73.38 in New York.
Bloomberg is reporting that Alibaba’s quarterly sales rose at the slowest pace in at least three years and transaction volumes missed analysts’ estimates amid a weakening Chinese economy.
Ma, 50, who has a 6.2 percent stake in the company, is the world’s 21st richest person, according to the Bloomberg Billionaires Index.
Alibaba has lost more than US$71 billion of its market value this year amid a saturation in the e-commerce market in China’s larger, wealthier cities.
China’s economy is growing at the weakest pace since 1990, and Alibaba is facing lawsuits over counterfeits.
The stock has never traded below US$68 a share, the price set in September’s initial public offering, which raised a record US$25 billion.
Ma’s net worth has fallen by US$6.3 billion after reaching a high of US$37.4 billion on June 3.
He is the third richest person in Asia, trailing Wang Jianlin and Li Ka-shing, according to Bloomberg.
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