Speculations are fuelling over the whereabouts of the Chinese highest-profile billionaire Jack Ma, who has not appeared in a public setting since a late October forum in Shanghai. During the event, he gave remarks against the Chinese government and the financial institutions of China that ended up in a clash with officials. And since then, Jack Ma is missing.
In the last three decades, the e-commerce goliath Alibaba founder, Jack Ma has caroused in his recognition as China’s most flamboyant billionaire.
Who is Jack Ma?
Only a couple of businessmen across the world can claim to have more popularity and success than the famous Alibaba founder, Jack Ma. As indicated by Forbes, he is worth more than $58 billion and possesses a 7.8% stake in the Chinese e-commerce behemoth Alibaba.
Ma’s biography is the quintessential rags to riches story. He grew up in poverty-stricken communist China. He bombed his school entrance tests and was dismissed for innumerable jobs. At long last, after a vigorous battle, he established Alibaba.
History of Alibaba Group
Jack Ma established Alibaba Group in June 1999 alongside his wife and a few friends. At first, the platform permitted organizations to sell items to one another. In the year 2000, Alibaba raised $25 million from investors including Goldman Sachs and SoftBank.
In 2014, Alibaba Group brought around $25 billion upon the world’s greatest first sale of stock (IPO) then and got recorded in the New York Stock Exchange (NYSE) in the US.
Subsequent to ruling the e-commerce business industry in China, Alibaba extended to different sectors too, for example, cloud computing, video streaming, film production, medical care, sports, retail, and news media.
Jack Ma’s Relations With The Chinese Government
Previously, the 56-year-old Jack Ma was the spokesmodel for the Chinese government, nonetheless, the relationship turned sour after he turned out to be more vociferous against the Chinese administration.
Despite being the top businessman in China, Jack Ma has been conflicting with the Chinese government over his call for an open and market-driven economy. The English professor turned business tycoon is seen as a demigod in China who has pushed the Chinese government to be afraid about the billionaire’s impact.
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China, under President Xi Jinping, has been merciless against its faultfinders and has released a drive to capture all the dissenters of the system. In March, after calling President Xi Jinping a ‘clown’ for his controlling of the COVID-19 emergency, the money magnate had gone missing. Ren Zhiqiang a financial mogul, was condemned to 18 years in jail after he ‘voluntarily admitted’ to various violations of law.
Is Jack Ma Missing?
Jack Ma has always been a charismatic and outspoken person, however, he may have driven the limits excessively (when it’s China, everything should be calculated) far during an event on October 24th, where he condemned the Chinese government of smothering innovation.
During an event in Shanghai, Jack compared Chinese banks with pawn shops. In addition to this, just a month prior to Ma’s Ant Group launch of the world’s biggest IPO, he went on and straightforwardly criticized the Chinese government.
To take an eye for an eye, Beijing halted his IPO and even called for Ma and Ant executives to a meeting. The controllers have likewise requested rebuilding Ant Group’s business. This advancement has already cost Jack Ma billions of dollars.
Just a month later, the Chinese government even began an anti-monopoly examination against the Alibaba Group. It may be noticed that Jack Ma is not, at this point the chairman of Alibaba, yet possesses a huge chunk of share in the organization and is essential for a core group responsible for selecting the board members of Alibaba.
After his controversial speech two months ago, Alibaba founder Jack Ma has reportedly gone missing. Ma didn’t even appear in the final episode of his own talent show, ‘Africa’s Business Heroes’, which gives budding African entrepreneurs a platform to compete and win $1.5 million.
Simply put, the Chinese government has a history of clampdowns on big personalities, and similarly, it is flexing its muscle to stifle Ma’s businesses— something that the Chinese government has done in the past.