Jack Ma, the Alibaba owner, is no longer the richest person in China. He was stripped of the title by Ma Huateng, also known as Pony Ma, who topped Forbes's list of Chinese billionaires on Monday.
The net worth of Pony Ma, the founder-CEO of internet company Tencent, has been valued at $37 billion whereas Jack Ma's net worth is $36.2 billion, according to Forbes's billionaire's list.
Pony Ma's company operates the extremely popular WeChat app. It was launched in 2011 and by 2017 had become one of the largest messaging apps with 938 million active users.
In direct competition to WeChat is Jack Ma's Alipay in China. In 2017, Tencent cited 600 million active users of WeChat's payment system in 2017 as opposed to Alipay's 450 million active users.
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