Having a net worth of ~$474 million just isn't enough for some people, I guess.

MICE is the acronym for categorizing the common motivations for espionage:

M - Money/Greed

I - Ideology/Divided Loyalty

C - Coercion/Compromise

E - Ego

Sometimes, I think we look at people who are this wealthy and think they should be immune to these kinds of shenanigans, but I'd wager that the -ICE becomes even easier to exploit in people once they no longer need money, if they were already susceptible to it to begin with.

Ultra wealthy people are not in it for money. They like the game, and the money is a side effect. Many are willing to cheat evidently too.

More likely he was subject to blackmail or threats by the CCP.