Alibaba has lost $344 billion in world’s biggest wipeout

Few people could have predicted the downward spiral for Alibaba Group Holding, when founder Jack Ma delivered a blunt criticism of China’s financial system last October.

Yet one year on, the technology titan has lost a whopping $344 billion in market capitalization – the biggest wipe-out of shareholder value globally, according to data compiled by Bloomberg. Shortly after the now infamous speech, Beijing suspended the listing of its fintech arm Ant Group and has since followed up with a widespread crackdown on the country’s most vibrant sectors – causing Chinese stocks to tank.