It was Mark Zuckerberg, bobbing up and down on a hydrofoil surfboard, clutching an American flag and exuding all the confidence of a man worth 130 billion. ; The contrast between the social media mogul's July 4 Instagram video and the day's big event in China could hardly have been starker, according to The Japan Times. Regulators in Beijing had just hours earlier banned Didi Global Inc.'s ride-hailing service from app stores, delivering their latest hammer blow to an entrepreneurial elite that once seemed destined to challenge Zuckerberg and his U.S. peers at the top of the world's wealth rankings. But this wasn't the flamboyant Chinese billionaire who disappeared from public view eight months ago. The age of unfettered gains for China's ultrarich now appears to be coming to an abrupt end. Shares of their flagship companies sank by an average 13% during the period the first time in at least six years that they've recorded declines when the broader Chinese equity market was rising. Even as the world's 10 wealthiest people added 209 billion to their net worth in the first half of 2021, China's richest tycoons in the Bloomberg Billionaires Index saw their combined fortunes shrink by 16 billion. (news.financializer.com).
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