News By/Courtesy: Sankalp Tewari | 04 Jan 2021 16:29pm IST

HIGHLIGHTS

  • Jack ma spoke against Chinese government
  • Jack Ma business empire
  • Jack Ma's Alibba one of the world largest e-commerce business

Jack Ma was confirmed to have been in general for more than two months after giving a contentious speech in October 2020. Alibaba was the co-founder of Chinese tech milliardaire. Jack Ma did not appear for Africa's Industry Heroes in November, the last episode in his own talent show. To judge the broadcast, Ma was substituted for Lucy Peng, executive Alibaba. He has also taken his photo from the website of the show judging panel. A spokesman from Alibaba said to Financial Times that Jack Ma could not participate in the final episode because of a time dispute as a judge. Jack Ma attacked China's "pack shop financial regulators and state-owned banks" in his October 24 address. In his speech Jack Ma called for a Chinese regulatory overhaul to stifle market competition and compared world banking regulation to a "old people's club." "Today's financial system is an industry age legacy. We have to create a modern financial system for the next generation and for young people. The Wall Street Journal notes that officials in Beijing dressed Ma and suspended his Ant Party on a direct order from President Xi in November for an initial 37 billion dollars public bid. Bloomberg noted that on Christmas Eve Ma's Alibaba Group holding was told to stay in China, after a monopoly investigation started. Beijing has directed Ant Group to wind down the activities of its financial services firm Ma. The anti-monopoly survey led Alibaba's share to fall by a quarter after the October speech, wiping Ma's fortune over $10 billion, Daily Mail UK said. This led Jack Ma, the master of the pinduoduo, Colin Huang, and Tencent Holdings' Pony Ma Huateng to rank third among the richest Chinese people According to the Bloomberg Billionaires Index, Ma currently has an estimated net current valuation of $63.1 billion. After the speech, the regulators met with managers from Ant and have ordered her to strengthen her corporate governance, regulatory enforcement and her practice of dragging her rivals off the market. Reports speculate that Ma's speech offended the Chinese government, which perceived his critiques as an assault on the Communist Party's authority. Ever since the speech, Ma's business empire, Ant Party, has been under investigation by Beijing. Jack Ma has been active in humanitarian work and has donated millions of coronavirus masks to Europe, the US and the World Health Organization. He donated 2000 ventilators to hospitals in New York, too. With millions of customers and billions of dollars in revenue, Jack Ma's Alibaba is arguably the world's largest e-commerce business. It has three major sites, namely Taobao, Alibaba.com and Tmall.

 

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.

 

 

Section Editor: Pushpit Singh | 05 Jan 2021 1:38am IST


Tags : #international

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