Jack Ma is no longer China's richest man, dropping to fourth place

The founder of the Chinese online store Alibaba and the Ant Group Jack Ma lost the title of the richest man in China. The latest ranking of Hurun magazine showed it on Tuesday. The Chinese regulatory authorities subjected his "empire" to strict control, which benefited rivals in particular. In 2019 and 2020, Jack Ma and his family took first place in the Hurun magazine's list of the richest Chinese. But this year they fell to fourth place. They were preceded by bottled water producer Nongfu Spring Zhong Shanshan, followed by Ma Huateng or Pony Ma, owner of Tencent (owner of the WeChat application) and Colin Huang, owner of the Pinduoduo e-shop.

Jack Ma disappeared for three months

Jack Ma dropped out of the top three after Chinese regulators "pulled the reins" of Ant Group and Alibaba as part of antitrust measures, according to a report by Hurun magazine. Jack Ma began to have difficulties after his speech last October 24, in which he criticized the Chinese regulatory system. This led to the suspension of the initial public offering (IPO) of its Ant Group shares just a few days before its planned launch. Regulators have since tightened antitrust controls in China's technology sector. And in December 2020, the relevant authority launched an official antitrust investigation into the Alibaba online store. Chinese regulators have also called on the Ant group to incorporate some of its business into a financial holding company, which will be regulated like traditional financial firms. Jack Ma, who did not avoid the spotlight, disappeared from the public eye for about three months after criticizing the authorities. This has sparked speculation about his whereabouts. He reappeared in late January in a 50-second video at an online ceremony to support his charity in support of rural teachers.