After its founder Jack Ma bluntly criticised the Chinese banking system last year, Alibaba Group Holding saw a $344 billion drop in the world's largest wipeout.

After its founder Jack Ma fiercely criticised the Chinese Financial System last year, Alibaba Group Holding's stock dropped $344 billion in the world's greatest wipeout, according to Bloomberg.

After Beijing suspended the listing of its fintech unit Ant Group shortly after Ma's controversial statement, the company has lost a multibillion-dollar market capitalization since last October. According to Bloomberg data compilation, this is the largest global shareholder value decline.

Alibaba's Hong Kong stock hit an all-time low around three weeks ago, after hitting an all-time high earlier in the month. The precipitous decline in stock prices was caused by a Beijing-led crackdown on the company's practises, which was followed by Ant Group's quick restructuring.

Although the stock has recovered 30% since October 5 this year, it is still 43% below its October 2020 scores.

Kuaishou Technology, for example, fell by $104 billion in the value losses list released by Bloomberg on October 25, 2021, followed by Ping An Insurance Group Co of China Ltd ($66.1 billion), Tencent Holdings ($65 billion), and Zoom video Communications ($63 billion).

China Life Insurance, K E Holdings, Soft Bank Group, TAL Education, and RLX Technology are among the other Chinese companies.

To summarise, Alibaba founder Jack Ma has publicly criticised China's worldwide banking policies for limiting innovation. He also pushed Beijing to establish a system that supported growth and development in his infamous address.

"After the Asian financial crisis, the risk control outlined in the Basel Accords became a priority for regulators," Ma remarked at the Bund Summit in Shanghai, implying that the globe has become fixated on risk control rather than development.

The Basel Accords are a set of agreements on capital and operational market risks in banking , according to Investopedia.com. He also mentioned the growing market for digital currencies, emphasising the importance of reshaping the financial system to make space for them.

As a result of his comments, Chinese regulators fined Alibaba a record $2.8 billion for allegedly abusing its dominating position in the market last year. Ma was last seen in Hong Kong earlier this month, leading a regular life and focused on his interests and philanthropy.