December 30, China: Jack Ma's net worth tumbled by almost $11 billion since the end of October as China stepped up scrutiny of his empire and the country's tech behemoths, according to a Bloomberg report.
Last week, China's top market watchdog started an investigation into alleged anti-competition practices by e-commerce giant Alibaba, as Beijing tightened control of an expanding Internet. Jack Ma’s Alibaba Under Scrutiny As China's Watchdog Begins Anti-Trust Probe: Report.
Jack Ma reached a peak of $61.7 billion this year and was poised to regain the title of Asia's wealthiest person. Now, with a fortune of $50.9 billion, he's since slipped to 25th on the Bloomberg Billionaires Index, a list of the world's 500 richest people.
The Chinese regulators have recently removed several apps, including banning thousands of gaming apps on Apple App Store, in a wide-ranging "clean-up" of online content related to illegal activity, including obscenity, pornography, prostitution, violence, fraud or gambling. With China cracking down on apps especially related to video games, Apple has warned Chinese app developers that thousands of more video games will be removed from App Store.
(The above story first appeared on LatestLY on Dec 30, 2020 01:33 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).