today-is-a-good-day
4.3 C
New York
Thursday, March 28, 2024
HomeNewsWorldAlibaba co-founder Jack Ma missing after criticising Chinese govt

Alibaba co-founder Jack Ma missing after criticising Chinese govt

Chinese billionaire and founder of Alibaba Group, Jack Ma, is suspected to be missing after he criticised the Chinese Government.

According to reports, the Chinese billionaire’s problem started when he criticised China regulators and state-owned banks for their “backwardness”.

It was gathered that he mysteriously disappeared from the public eye after Beijing cracked down on his business.

His remarks were said to have infuriated Beijing’s party brass, leading to Chinese President Xi Jinping personally ordering a halt to the offering by Alibaba’s financial affiliate company, Ant Financial, which was set to raise $34 billion in the biggest stock market debut in history, reported Hollywood Reporter.

In early November, Beijing cancelled the IPO of Ant Financial, while in late December, Chinese regulators announced that they would launch an antitrust investigation into Alibaba’s e-commerce business, as well as enforce new rules to curb Ant’s business activities.

These new enforcements led to a decline in Alibaba’s shares and Jack Ma’s personal wealth.

Advertisements

The billionaire has not been seen in two months and speculations are swirling around his whereabouts.

Ma was slated to appear as a star judge on the season finale of Africa’s Business Heroes.

However, that didn’t happen and the show’s broadcast was postponed.

Advertisements

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Recent Comments

Onuegbu Chuks Theophilus on Mikel Obi quits Super Eagles
Thomas H. Anderson on Roman Goddess_3
Oladimeji Emmanuel on Obama sends investors to Buhari