Jack Ma missing?
Jack Ma Missing?
Jack Ma’s battle with China’s repressive government is speculated to have led to a ban on his company and his absence from public space.
Since Jack Ma’s controversial speech in October, he severely attacked China’s regulatory framework. He called the banks ‘pawnshops,’ the founder and Chinese billionaire Jack Ma has reportedly been absent for more than two months.
Since November 2019, the tech tycoon has not made any public appearances. In reality, in the final episode of his talent show, Africa’s Business Heroes, Jack Ma did not appear, widening the mystery surrounding his whereabouts.
In November final, the UK Telegraph announced that Alibaba’s creator was expected to be part of the judging team, but an executive of Alibaba replaced him. Surprisingly, the website also deleted Jack Ma’s image.
Words from sources
According to some Chinese officials and government advisors familiar with the matter, Beijing is trying to shrink Jack Ma’s technology and financial empire and eventually take a more significant stake in his companies, as regulators zone in on the billionaire in a push to strengthen oversight over an increasingly powerful tech realm. The Wall Street Journal confirmed this.
As China’s top antitrust watchdog started probing the e-commerce company Alibaba’s alleged anti-competition activities last month, the country also set out a “rectification plan” for Ma’s Ant Group fintech business.
Report by TechCrunch
According to a TechCrunch report, on December 26th, the People’s Bank of China, the country’s central bank, “summoned Ant Party for regulatory talks, unveiling a sweeping proposal for the fintech sector to “rectify” its regulatory violations.
The State Administration for Market Control reported in a brief notice that it is investigating Alibaba over its strategy of “choosing one from two” Merchants are required to sell only on Alibaba e-commerce sites as part of this scheme and skip competitors such as JD.com.
Alibaba Group said in a statement that they had issued notification from the State Administration for Business Control.