Jack Ma Reportedly Missing After Criticizing Chinese Government
Jack Ma, China’s richest man and the founder of Alibaba Group, is reportedly missing after criticizing the Chinese government a few months ago.
The high profile businessman has not been seen in the public in more than two months and also failed to appear as expected in the final episode of Africa’s Business Heroes, a yearly talent show he set up to invest $1.5 million in viable startups in the region.
On Thursday, December 28, 2020, the Chinese government announced it has commenced an antitrust investigation into Alibaba operations and that an invitation would be extended to Ant Group, the company’s payment unit.
In a move that indicated more trouble, investors started dumping the company’s shares after the report became public, forcing Alibaba management to increase the company’s share buyback budget from $6 billion previously announced to $10 billion.
Still, the company’s market value in the U.S tanked by 15 percent with Hong Kong suffering the most.
After Jack Ma criticized the government for suffocating innovation with regulation in October at Bund Summit, where he likened China’s banking regulation to “old people’s club”.
“Today’s financial system is the legacy of the Industrial Age,” Ma said in the speech.
“We must set up a new one for the next generation and young people. We must reform the current system.”
A month later, regulators suspended the company’s widely publicised $37 billion Initial Public Offering (IPO) and in December declared antitrust investigation into the company’s operations.
However, since the crisis started, Jack Ma has not been seen in public and even at some of his own key yearly events.
While the billionaire might have chosen to stay out of public space to avoid media attention that could further escalate the entire situation, it is also likely he might have been picked up for questioning given the Chinese government modi operandi.
