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Shares of tech giant Alibaba continued to fall on Friday, with the company saying earlier this week that it expected weak revenue growth amid China’s slowing economy and Beijing’s ongoing regulatory action.

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Tech and e-commerce giant reports disappointing quarterly Income late Wednesday and slashed its revenue forecast for the year ahead.

Alibaba shares fell more than 11% on Thursday following the report — one of the stock’s biggest single-day declines on record — and are down more than 2% so far on Friday.

The stock’s downward trajectory has shaved billions from the net worth of Alibaba’s founder and chairman, Jack Ma, once the richest man in China.

Ma’s fortune fell by another $350 million on Friday, bringing his net worth to $38.6 billion, according to Businesshala‘ an estimate.

The billionaire’s wealth is down dramatically from its peak: When Alibaba’s stock price hit a record high of nearly $317 per share on October 27, 2020, Ma was worth $66.6 billion.

It’s been a rough year for the Chinese billionaire, who is also the co-founder of fintech giant Ant Group: Ma has largely kept the public profile low since Beijing’s regulatory action heated up last year.

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