Tencent boss Pony Ma loses $14 billion in crackdown, more than Jack Ma

While Pony has long had a reputation for staying out of the limelight, that hasn't shielded his company from penalties including antitrust fines and the loss of exclusive music streaming rights

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.

The reversal underscores how rapidly Beijing’s crackdown has expanded since authorities scuttled Ant’s initial public offering on Nov. 3. What initially looked like a targeted campaign against China’s most outspoken tech tycoon