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Alibaba founder Jack Ma hasn’t been seen in two months after the conflict with the Chinese government
Jack Ma, 56-year-old billionaire founder of Alibaba and Ant Group, has not appeared in public for more than two months, Jessica Yun reported on Yahoo Finance. He recently found himself in the spotlight when China decided to put pressure on his business empire.
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In late December, Chinese regulators launched an antitrust investigation against Alibaba, the country’s largest e-commerce company, sometimes referred to as China’s Amazon. And in November, China introduced rules that halted the initial public offering of Ant Group, Mr. Ma’s financial technology company.
These rules were introduced a few weeks after Jack Ma criticized China’s financial regulation at a conference in Shanghai. The billionaire reportedly called China’s financial management principles «a club for the elderly» and said the country cannot use the methods of the past to regulate the future.
Blair Silverberg, chief executive of a loan-financier startup Capital, told Business Insider’s Katie Canales in November that the rules were in place to allow the Chinese government to demonstrate its superiority over Jack Ma.
The Financial Times reported that in November, Mr. Ma was taken away from his post as a judge at the African talent show he organized «Business Heroes of Africa». An Alibaba spokesman explained to reporters that due to a conflict with the billionaire’s business schedule, the jury for the finale of the show, which was filmed in November and has not yet been released, will indeed not be Jack Ma. “We have nothing to add other than this,” he said, answering questions about the whereabouts of the founder of Alibaba.
Wang HE / Getty Images
Until recently, Mr. Ma was the richest man in China with a fortune of over $ 60 billion. But over the past two months, the valuation of his property has decreased by $ 12 billion due to China’s tightening of rules for the fintech industry. According to the Bloomberg Billionaire Index, Jack Ma is now worth $ 50.6 billion, making him the fourth richest man in China.
Curiously, in an August 2021 video interview, another Chinese billionaire, Guo Wengui, who fled the country in 2021, said that Jack Ma could start in trouble in 2021 because the Chinese government wants to take over his lucrative Ant company. Group. Last week, the Chinese government ordered the curtailment of operations by Ant Group, which owns China’s largest digital payment platform Alipay, expressing doubts about the adequacy of governance.