Jack Ma’s wealth tumbles by $12 billion in 2 months as China seeks to shrink the billionaire’s financial empire

Jack Ma’s wealth tumbles by $12 billion in 2 months as China seeks to shrink the billionaire’s financial empire

Alibaba founder Jack Ma.

Shu Zhang/Reuters

Alibaba founder Jack Ma's wealth has fallen by $12 billion in just two months, from about $62 billion to $50.9 billion, according to the Bloomberg Billionaires Index.Ma's net worth has dropped as China tightens rules for the financial technology industry in the country.Beijing wants more oversight of Ma's financial empire: Ma's Ant Group has reportedly been forced to create a separate holding company for the group's financial operations.The holding company will be regulated by China's central bank, potentially curbing its ability to expand at the rate it has been in the past few years.Visit Business Insider's homepage for more stories.

Jack Ma's net worth has dropped $12 billion since October, when China's regulators began implementing new rules for the fintech industry.

The 56-year-old Ma's stake in Alibaba and his many other ventures took his wealth to about $62 billion this year in October, setting him on track to become the richest man in Asia. But he has since dropped to 25th on the Bloomberg Billionaires Index, which tracks the 500 wealthiest people in the world. 

His net worth currently stands at $50.9 billion, according to the index.

Regulators in October implemented new rules for the financial technology industry and