Billionaire rankings often change, but few rise to the top only to lose their spot within hours. That’s exactly what happened to Pony Ma, the founder of Tencent Holdings Ltd., who briefly became China’s richest person on Monday, February 17, 2025.

According to the Bloomberg Billionaires Index, Ma’s net worth surged to $56.9 billion at 9:50 AM in Hong Kong, surpassing bottled water tycoon Zhong Shanshan. However, by the end of the trading day, he had dropped back to second place. This wasn’t the first time Ma held the top spot—he briefly claimed it in 2020 and again last year, though never for long.

The sudden shift highlights the volatility of China’s tech sector. Tencent’s stock hit its highest level since 2021 following a meeting between President Xi Jinping and top business leaders. Investors saw the meeting as a sign of renewed government support for private enterprises after years of regulatory crackdowns that impacted tech giants.

Ma’s fortune has grown by more than $5.8 billion this year, reflecting Tencent’s stock recovery. Other Chinese tech billionaires have also gained, with Alibaba’s Jack Ma adding over $5.5 billion to his wealth.

Before China’s regulatory crackdown, Pony Ma was among the country’s wealthiest individuals, benefiting from the nation’s booming digital economy. His brief return to the top underscores the unpredictable nature of China’s billionaire rankings and the shifting landscape for the country’s tech sector.

PHOTO: AFP

This article was created with AI assistance.