Tencent Boss Loses $14 Billion in Rout, More Than Jack Ma
- Pony Ma’s fortune drops to $45.8 billion after Tencent selloff
- Beijing’s crackdown has spread far beyond Jack Ma’s empire
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Turns out even the most compliant Chinese billionaires aren’t immune to the regulatory onslaught sweeping the world’s second-largest economy.
In a twist that has upended conventional wisdom on the political pecking order of China’s business elite, Tencent Holdings Ltd.’s mild-mannered boss, Pony Ma, has lost more paper wealth over the past nine months than Jack Ma, the combative co-founder of Alibaba Group Holding Ltd. and Ant Group Co.