Alibaba's Jack Ma Hasn't Been Seen Publicly Since Blasting Chinese Govt In October
Earlier, Ma had shed light on the CCP government¡¯s 'pawnshop' financial regulators and state-owned banks in a rather scathing speech in Shanghai back in October. He even asked for reform in the system that was stifling business innovation. He even referred to global banking regulations as an 'old people's club'.
Chinese billionaire and philanthropist Jack Ma has not been spotted for nearly two months. The founder of Alibaba had come under scrutiny by the Chinese government after its companies were facing an antitrust probe for alleged monopolistic practices.
Reuters
As per reports by the ET, Jack Ma was supposed to appear to film a talent show organised by him -- Africa¡¯s Business Heroes. However, he instead sent one of the executives at Alibaba. A company spokesperson revealed in a statement to Financial Times that this was due to a conflict in schedules.
Earlier, Ma had shed light on the CCP government¡¯s 'pawnshop' financial regulators and state-owned banks in a rather scathing speech in Shanghai back in October. He even asked for reform in the system that was stifling business innovation. He even referred to global banking regulations as an 'old people's club'.
Ma said, ¡°Today¡¯s financial system is the legacy of the Industrial Age,¡± Ma was quoted as saying in the speech. We must set up a new one for the next generation and young people. We must reform the current system.¡±
This didn¡¯t sit quite well with the Chinese authorities which went ahead and suspended Ant Group¡¯s IPOs worth $34 billion at the Shanghai Stock Exchange, while also reprimanding Ma on orders of President Xi Jinping.
In December, China's market watchdog looked into alleged anti-competition practises by Alibaba. Reports by the local media highlighted that the nation has now issued a 'rectification plan for his fintech venture Ant Group.
Jack Ma once held the title for the richest Asian in the world has seen his net worth come tumbling down exponentially. According to the Bloomberg Billionaires Index, he has lost over $11 billion in the last three months with a $61 billion valuation in October to $50.6 billion as of now.
Reuters
In India, Alibaba has made investments in payments app PayTM as well as its e-commerce arm PayTM mall. It is also one of the investors in popular food delivery platform Zomato as well as online grocery app BigBasket. It also has investments in e-commerce giant Snapdeal and logistics company Xpressbees.
