Jack Ma’s fortune is estimated to be worth less than half of what it was just three years ago when he made a pivotal speech that derailed what was supposed to be the world’s biggest share sale at the time.

Axar.az reports the Bloomberg Billionaires Index projected Wednesday that the business mogul’s wealth had fallen by $4.1 billion over the past year, due to a massive fall in the valuation of Ant Group, the fintech giant that he co-founded but no longer controls.

Ma, who also co-founded e-commerce firm Alibaba (BABA), has a 9.9% stake in Ant, according to Bloomberg.

The entrepreneur, once Asia’s richest person, now has a net worth of approximately $30 billion, less than half of the $61.2 billion peak recorded in 2020 before he ran into trouble that year, according to the index.

Ant, best known for running the Alipay digital payments system that is ubiquitous in mainland China, is conducting a share buyback that values it at $78.5 billion, down 75% or $230 billion from its valuation in 2020.