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China's clampdown on big tech puts more billionaires like Jack Ma on notice

Wednesday's selloff sent Alibaba shares down 7%, while analysts estimated that Ant's $280 billion valuation could be cut in half due to stricter regulations. Both companies were co-founded by Jack Ma

Topics
Jack Ma | Alibaba Group | Ant Financial

Zheping Huang & Coco Liu | Bloomberg 



The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China
The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China

Xi Jinping’s Communist Party stepped up efforts to rein in some of China’s most powerful companies, jolting investors and dealing a blow to the country’s richest entrepreneurs.

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First Published: Wed, November 11 2020. 08:55 IST

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