China’s Tech Moguls See $80 Billion of Wealth Evaporate in 2021

2021 has been a record year for China’s internet moguls: according to the Bloomberg Billionaires Index, the country’s 10 richest tech tycoons lost $US80 billion in combined net worth amid widescale crackdowns by Chinese regulators. “The best days for China’s tech sector are behind us for now,” Asia Global Institute Director Zhiwu Chen told Bloomberg. “Without access to American capital markets, the history of China’s tech sector would have been very different.”