The creator of AliExpress is poorer by $ 12 billion due to the conflict with the Chinese authorities

The fortune of one of the richest people in the world Jack Ma, founder of Alibaba and AliExpress, fell by $ 12 billion. And all because

that the Chinese authorities began to fight against his financial empire and enforce new rules for the fintech industry.

In October, Jack Ma's fortune was about $ 62 billion. Thanks to this, he became the richest man in Asia. Now his fortune is $ 50.9 billion.

In October, Chinese regulators introduced newregulations for the fintech industry, which directly affected Alibaba's sister Ant Group. These measures were aimed at preventing the monopolistic behavior of large Internet companies. As a result, regulators suspended Ant Group's initial public offering.

Also, China's State Market Regulatory Office has launched an anti-trust investigation against Alibaba.