Jack Ma, the founding father of the e-commerce monster Alibaba was within the headlines for varied causes. Firstly, the great purpose is that the richest man in China was praised for donating tens of tens of millions of face masks to Europe, the US and WHO throughout the pandemic disaster. Later, in October final 12 months, he confronted a tricky time for criticising the monetary regulators and state banks in China.
Following the identical, he was reprimanded by Beijing. Additionally, the $34B (almost £25B) inventory market float of Ant Group, his fintech company was suspended. Following the investigation, Ant Group was ordered to reduce its operations and concentrate on its cellular cost companies.
The place is Jack Ma?
Since then, Jack Ma has not posted something on Twitter and he has not been seen in public as effectively. He was mysteriously not current from his function as a decide on Africa’s Enterprise Heroes, an entrepreneur-centric Dragon’s Den-style TV present. Ma didn’t seem on his personal collection ultimate in November final 12 months and his photograph was faraway from the web site of the present. Nevertheless, an Alibaba spokesperson acknowledged that Jack Ma was unable to seem on the ultimate citing a schedule battle.
The disappearance of Ma has given rise to speculations that he’s paying the value for his criticism. In Beijing, authorities began investigating Alibaba’s alleged monopolistic practices on Christmas Eve. And, reportedly instructed Ma to not depart China. The antitrust investigation into Alibaba’s e-commerce enterprise and the confusion within the IPO of Ant Group led to a plunge in Alibaba’s shares and Jack Ma’s private wealth as effectively.
New insurance policies on playing cards
Of late, China has began taking efforts that may curb the affect of tech giants resembling Alibaba and Tencent. The nation launched rules that may stop these firms from sharing delicate shopper knowledge, partaking in anti-competitive behaviour and forming agreements to dam smaller rivals. It’s broadly claimed within the business that many of those new insurance policies are focused round Jack Ma.
Within the meantime, Alibaba Group has introduced that it’ll shut down the music streaming service Xiami Music, which was launched in 2013 on February 5. The corporate invested tens of millions into this service to compete with others within the on-line music enterprise in China.