Jack Ma’s value shrunk by $11.1 billion, no longer the richest man on the mainland

The New Fortune 500 Rich List for 2021 was recently released. Alibaba founder Jack Ma fell from last year’s position as the richest man in mainland China to seventh, shrinking by about 11.1 billion U.S. dollars. 2021 New Fortune 500 Rich List was released on May 13. Jack Ma, founder of Alibaba, fell from last year’s position as the richest man in mainland China to seventh, shrinking his value by 71.73 billion yuan (about $11.1 billion).

Jack Ma falls from richest to seventh

The New Fortune 500 is one of the three richest lists in China, along with Forbes China Rich List and Hurun Rich List. This time, the list released by New Fortune shows that among the top 10 billionaires in the mainland, Jack Ma became the only entrepreneur whose fortune fell, from last year’s richest position to the seventh on this year’s list. His wealth shrank by 71.73 billion yuan ($11.1 billion), from 302.14 billion yuan ($46.8 billion) last year to 230.41 billion yuan ($35.7 billion) this year.

Ma’s shrinking fortune was mainly due to Alibaba’s Monthly Active Users (MAU) being overtaken by social e-commerce company Jindo and Ant Group being called off before its initial public offering (IPO) in November last year, New Fortune said in its circular.

Ma’s position as the richest man on the mainland was taken over by Zhong Furfur, the founder of Chinese drinking water product line Nongfu Shanquan. Zhong is worth 504.31 billion yuan (about $78.24 billion).

Ali loses money for the first time due to huge fine

On May 13, Alibaba released its financial results for the first quarter and full year of fiscal year 2021, which ended on March 31, 2021. The financial results showed that Alibaba posted a net loss of CNY7.654 billion (US$1.18 billion) for the fourth quarter of fiscal 2021, driven by an anti-monopoly law fine of CNY18.228 billion (US$2.8 billion) in April this year. This is Ali’s first quarterly loss since its IPO in September 2014.

At Alibaba’s earnings presentation on May 13, Zhang Yong, chairman of the board and chief executive of Alibaba Group, said Ali “sincerely accepts and firmly obeys” the administrative penalty imposed by the Communist Party’s State Administration of Market Supervision.

Extended reading: Ali executives leave

Recently, Alibaba has had a number of senior officials leave the company one after another.

On May 1, Alibaba Vice President Fan Chi officially left the company. Ali sports public relations response, said Ali sports related work by the company’s operations director Yang Mu is responsible for.

On April 12, Zheng Weiyu, vice president of Alibaba Youku, left the company.

In mid-March, Ali Music director Gao Xiaosong stepped down, ending his six-year-long executive stint in Ali’s large entertainment system.