The founder of Alibaba, Jack Ma, lost the title of the richest Chinese man

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Jack Ma, the founder of Alibaba Internet company, lost first place in the list of the richest people in China, losing it to the founder of telecommunications company Tencent Ma Huaten, writes Forbes. Ma Huatan’s fortune now stands at $48.3 billion and Jack Ma at $41.2 billion.

– Ma Huaten of Tencent beat Alibaba’s Jack Ma to become China’s richest man again after his company’s shares rose 14% this year,” Forbes magazine said.

Ma founded Alibaba in 1999 and left the company 20 years later. The corporation is now one of the world’s largest in e-commerce and digital payment.