Jack Ma, the billionaire founder of technology companies Alibaba and Ant Group, passed away after criticizing the Chinese financial system for calling for changes and reforms. Ma has not been seen publicly in about two months since the comments were made.
Ma is one of the richest people in China. According to Forbes, his net worth is $ 58.4 billion. The 56-year-old man grew up in humble circumstances in communist China. Ma has been telling people that he failed his college entrance exams twice and was turned down on all the jobs he applied for after college, including fast food chain KFC.
Ma is the epitome of the story from poverty to wealth. After many initial setbacks, he co-founded Alibaba in Hangzhou City in 1999, with a disjointed team of 18 people and $ 60,000. About 20 years later, Alibaba has grown into one of the world’s largest retail and e-commerce companies. 100,000 employees.
Ma was seen as a breath of fresh air in China’s traditionally conservative corporate culture. She cultivated personality as a disrespectful ambassador for the company. Ma performed exaggerated stunts, including a Michael Jackson-inspired dance at an Alibaba birthday party, and she starred in her own kung fu movie, Gong Shou Dao.
He “retired” from Alibaba in September 2019. At the time, it was speculated that Ma was retiring due to tension with the Chinese Communist Party. Party leaders were believed to be aware of her excessive power and influence.
The Washington Post reported that prominent Chinese businessmen who attract the attention of the press are more likely to be investigated or arrested than those who avoid media coverage. Ma said ominously and forward-thinking to a group of rural teachers in 2016: “I think that among the richest men in China, few have good goals.”
At a conference in late October 2020, Ma criticized the Chinese banking system for having a “pawnshop” mentality. His speech preceded his group’s planned initial public offering. Since then, the Chinese government has taken action against Ma and his companies, including an antitrust investigation into Alibaba.
Ma, who is comfortable in the spotlight, has not performed publicly in recent weeks. He hasn’t Tweeted in three months and has been out of the office, being replaced for the final episode of his African Business Heroes talent show, which looks a bit like Shark Tank.
The disappearance of wealthy professionals is not uncommon in China and has been going on for some time. An article in The Independent in 2017 stated: “Chinese billionaires and CEOs continue to disappear in ‘state-sanctioned kidnappings. “”