The founder of Alibaba and and Ant Group Jack Ma has been dethroned as China’s wealthiest man.

Reuters reported that Jack Ma and his family suffered a blip in their business following the recent series of assaults by Beijing on their businesses.

The glitch now means that Ma and his family are no longer the wealthiest in the Asian country- a position they have always held as per Hurun Global Rich List in 2020 and 2019.

He now comes fourth after Zhong Shanshan Ngfu Spring (water maker), Tencent Holding’s Pony Ma, and Pinduoduo’s Collin Huang (e-commerce upstart).

His tribulations began when he criticised the Chinese government on policies targeting technology start-ups saying the environment was stringent and unsupportive for aspiring businesses.

The speech irked the Chinese government the wrong way, making the regulatory system to respond with a suspension for Ant Group’s $37 billion IPO. To make it worse, this was just days before the fintech public listing.

The group, alongside Alibaba, suffered dwindling fortunes after the regulators launched anti-trust issues.

The restrictions have meant that the Ant Group can only operate within the privileges assigned to the local companies hence limiting its scope.

Ma disappeared from the public eye amidst concerns of his safety only to appear in a 50-second video in January.

Right now, China’s richest man title is in the hands of Zhong Shanshan, who is worth 550 billion yuan ($85 billion). His fortune is attributed to market shares in Nongfu Spring and Beijing Wantai Biological Pharmacy Enterprise which makes vaccines.

Tencent comes second with 480 billion while Pinduoduo Huang comes third with 450 billion yuan as per Reuters. Ma and family are now wirth 360 billion yuan.