China's richest people lost about $13 billion in just one day due to a market sell-off after President Xi Jinping secured a third term
The 13 wealthiest Chinese tycoons on Bloomberg's billionaires' list saw $12.7 billion of their wealth wiped-out, afterconsolidation of power sparked fears about the recovery prospects for China's economy over Xi's top-down approach in economic management.
Tencent founder and CEO, Pony Ma, was the biggest loser in the market rout, as his net worth plunged by $2.5 billion to $24 billion, perMa's losses were largely due to losses in the share price of Hong Kong-listed Tencent, which closed 11% lower on Monday at 207 Hong Kong dollars, or $26.4. Ma's fellow tech tycoons were also badly hit by Monday's plunge in stock prices. Alibaba founder Jack Ma lost $1.2 billion, bringing his net worth down to $29 billion, while JD.com's Richard Liu saw his net worth fall by $1.3 billion to $9 billion, according to Bloomberg. Alibaba shares fell 13% on the Nasdaq and 11% in Hong Kong. Nasdaq and Hong Kong-listed JD.com fell 13% on both exchanges.