The most recognisable face in Asian business, Ma has seen his fortune fall by around half to an estimated US$25bil after authorities pulled what would then have been the world’s biggest-ever IPO in 2020.
It is the latest humbling of China’s former poster boy for enterprise, who in recent years has retreated from the public eye he once so relished. He toyed with several Internet-related projects, before convincing a group of friends to give him US$60,000 to start a new business in 1999 in China, then still emerging as an economic giant.
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