Alibaba founder Jack Ma found it expensive to fuck with Chinese President Xi Jinping. Jack Ma has now lost the status of China’s first billionaire and moved up to fourth place with Jack Ma in the list released Tuesday. record of
Alibaba, once ranked among the world’s biggest billionaires, and Jack Ma, founder of the ANT group, found it costly to go wrong with Chinese President Xi Jinping. Jack Ma has now lost the status of China’s first billionaire. In the list published Tuesday, the industrialists with Jack Ma are making a record profit but in this list, the founder of Alibaba has moved up to the fourth position. The Chinese government has started investigating the entire kingdom of Jack Ma.
In the Hurun Global Rich list of the richest people in China, the total wealth of Jack Ma and his family was the highest in 2020 and 2019. Now, Jack Ma has moved up to fourth place in the last list. The latest list is completed by Zhong Shanshan, owner of Nongfu Spring bottled water company, Pony Ma of Tencent Company, and Coleen Huang, owner of e-commerce company Pineduoduo.
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Global banking rules called the “ seniors club ”
Jack Ma’s status as the best entrepreneur came to an end when the Chinese government was investigating his company Ant Group and Alibaba. The investigation against Jack Ma began when he gave a speech in Shanghai on October 24. Jack Ma had sharply criticized the “interests” of the country’s financial regulators and public sector banks in his speech. Jack Ma, who has been a role model for millions of people around the world, had called on the government to make changes to a system that seeks to “take away the effort of bringing new things into business.”
The founder of Alibaba called global banking rules a “club for the elderly”. The ruling Chinese Communist Party erupted after this speech. Jack Ma’s criticism was seen as an attack on the Communist Party. After that, Jack Ma’s woes began, and extraordinary restrictions were placed on his business. In November, Chinese authorities hit Jack Ma hard and suspended his $ 37 billion Ant Group IPO.
Strict action on orders from Chinese President Xi Jinping
According to the Wall Street General’s report, the order to cancel the IPO of Jack Ma’s Ant Group came directly from Chinese President Xi Jinping. On Christmas Eve, Jack Ma was then asked not to leave China until the ongoing investigation against his Alibaba group was completed. After this action, Jack Ma was very rarely seen in public.
There has been a story of ‘silencing’ critics in China
Jack Ma is not the first person to suppress the voice in China. China has detained a large number of people in its country who criticize the policies of the Communist Party or the Xi Jinping government. Previously, businessman Ren Zhiqiang, who criticized Xi Jinping, had disappeared. He described Xi Jinping as a “ prankster ” to properly deal with Corona. He was then sent to prison for 18 years. Another Chinese billionaire, Xian Jianhua, has been under house arrest since 2017.