Alibaba ’s chairman Jack Ma saw $3.7 billion of his fortune evaporate as the e-commerce giant’s stock hit a new low since its September IPO. China’s domestic market rout has spilled-over effects on U.S.-listed stocks, as some investors scrambled to cut their China exposure. Baidu’s Robin Li and JD.com’s Richard Liu lost $1.4 billion and $1.7 billion on paper respectively, as share prices of both companies plunged in the past month.
Only 5 of the 205 Chinese billionaires on our real-time index did not suffer a loss since June 12. Ma Jianrong, who made his fortune in the knitwear and garment export business, is the only billionaire who got richer — with a mere gain of $95 million. Four other billionaires who have the same net worth have the bulk of their fortunes in private holdings, such as Alipay’s Simon Xie and Xiaomi’s president Lin Bin.