China’s richest man and the co-founder of Alibaba Group Jack Ma has lost $11 billion in the last two months since Beijing began scrutinising his empire and other tech giants in the country. According to Bloomberg Billionaires Index, Jack Ma now owns a fortune of $50.9 billion, which has decreased from $61.7 billion earlier this year bringing him down to the 25th position on the list of the world’s wealthiest people.

Alibaba, like all other tech behemoths in the world, recorded a surge in stock prices in 2020 due to the sudden escalation of demand for online businesses amid the COVID-19 pandemic. However, government scrutiny on Alibaba Group and other tech companies, including Tencent Holdings Ltd. and food delivery giant Meituan, has massively impacted the confidence of the investors, bringing down the market value of these firms and their subsidiaries (if any).