Jack Ma was poised to become Asia’s richest person with Ant Group Co.’s public offering. Instead his net worth has tumbled almost $3 billion and both retail and institutional investors who were betting on a big first-day pop are in limbo. Alibaba Group Holding Ltd.’s U.S.-traded shares slid 8.1% in New York trading after Ant said its listings in both Shanghai and Hong Kong have been suspended. The IPO was the most anticipated in years, attracting at least $3 trillion in orders for its dual listing. Even with today’s drop, Ma still has a fortune of about $54 billion, according to the Bloomberg Billionaire’s Index.

Source: Mint November 04, 2020 00:45 UTC