The 13 wealthiest Chinese tycoons on Bloomberg's billionaires' list saw $12.7 billion of their wealth wiped-out, afterconsolidation of power sparked fears about the recovery prospects for China's economy over Xi's top-down approach in economic management.
Tencent founder and CEO, Pony Ma, was the biggest loser in the market rout, as his net worth plunged by $2.5 billion to $24 billion, perMa's losses were largely due to losses in the share price of Hong Kong-listed Tencent, which closed 11% lower on Monday at 207 Hong Kong dollars, or $26.4. Ma's fellow tech tycoons were also badly hit by Monday's plunge in stock prices. Alibaba founder Jack Ma lost $1.2 billion, bringing his net worth down to $29 billion, while JD.com's Richard Liu saw his net worth fall by $1.3 billion to $9 billion, according to Bloomberg. Alibaba shares fell 13% on the Nasdaq and 11% in Hong Kong. Nasdaq and Hong Kong-listed JD.com fell 13% on both exchanges.
Losses in the business world are common
Surprise surprise the market doesn't like endless lockdowns, propaganda drones and daily covid testing queues. Xi really hates the Chinese.
Some people are paying attention. Good for you.