Chinese billionaire Jack Ma has not appeared in public for more than two months. The founder of Alibaba and Ant Group has not appeared since her famous October 24, 2020 speech in which he openly criticized the Chinese regulatory system, accused it of stifling innovation and calling it “an old man’s club”.
Talking too much?
The founder of Alibaba usually appeared on television on his show “Africa’s Business Heroes”. Content that gives young African entrepreneurs a voice and the chance to enter a competition to win $ 1.5 million. Jack Ma was supposed to be on the judging panel in November but was replaced at the last moment by an executive from Alibaba. Stranger, his photo has been removed from the internet in some Chinese search engines.
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Since that famous October 24th speech in which Jack Ma affirmed, “The current financial system is the legacy of the industrial age,” Beijing has targeted the Chinese billionaire and his empire. In particular, Alibaba is the subject of an antitrust investigation. According to the Chinese government, Jack Ma’s company has imposed illogical restrictions on sellers or users of its market.
Jack Ma is in the sights of the Chinese government
In contrast to the United States, China was very quick in the various antitrust proceedings. In fact, it all started with a comprehensive antitrust report on Chinese digital giants in mid-November. This is the very first attempt by the Chinese government to define anti-competitive practices.
Alibaba is by far the hardest-hit company on this whole affair. The company went public in a matter of weeks. Just two months ago, Alibaba was valued at $ 859 billion. Today the company weighs “more” only $ 586 billion. It is clear that China is pushing the Ant Group to transform its business. Beijing is not at the top and is clearly imposing a drastic reduction in its activities on Jack Ma’s empire.
Jack Ma believes the current system should be reformed. The Chinese government probably doesn’t like this. The man had also donated millions of masks to Europe, the United States and the World Health Organization to help contain the pandemic. All without consulting the government, of course … While his last tweet is on October 10, 2020, nobody knows where Jack Ma is and it’s getting seriously worrying.