Fidelity and BlackRock again reduce valuation of financial behemoth Ant

17 Aug 2022 , 09:26 AM

Global investors who purchased private shares before Ant Group Co.'s postponed initial public offering reduced the company's worth even again.

At the end of May, Boston-based Fidelity Investments reduced its Ant estimate to $70 billion, based on calculations made by Bloomberg using filings. That's down from $235 billion shortly before authorities scuttled Ant's IPO in November 2020 and $78 billion in June of last year.

BlackRock Inc. reduced the value from $174 billion to $151 billion as of March, while T. Rowe Price Group Inc. reduced it from $189 billion to $112 billion as of May.

Amid an extensive, multi-year regulatory makeover, the company's earnings decreased 17% during the March quarter. Since Warburg Pincus, Canada Pension Plan Investment Board, Silver Lake, and Temasek Holdings Pte were said to have purchased Ant at that amount four years ago, the $150 billion price tag represents a significant milestone.

Ant executives were removed from Alibaba's significant partnership committee, which has the power to elect the majority of the board.