The Ripple Effect of the Ant IPO

Ant has had to overhaul its business model. It's going to pull back from some very sensitive sectors of the Chinese economy, including competition with a couple of the big state banks. Before the IPO was canceled, I remember reading that the valuation on Ant alone was envisioned at around $315 billion. And now we're in the vicinity, what, at $78 billion? That's pretty dramatic.