Ant Group’s share buyback plan has led to a significant drop in the valuation of the payments business co-founded by Jack Ma, reducing his stake by $4.1bn. The company’s estimated value has fallen from roughly $315bn to $78.5bn, and its 2022 earnings have dropped by almost half of 2020 despite it overhauling its business model.
Jack Ma’s wealth drops $4.1 billion as Ant’s valuation slashed
Ant Group’s share buyback plan has led to a significant drop in the valuation of the payments business co-founded by Jack Ma, reducing his stake by $4.1bn. The company’s estimated value has fallen from roughly $315bn to $78.5bn, and its 2022 earnings have dropped by almost half of 2020 despite it overhauling its business model.