Sunday, April 14, 2024

Chinese Jack Ma Emerges For The First Time Since Ant Suppression | Financial market news

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Ma, the billionaire founder of tech giants Alibaba and Ant Group, had not been seen since regulators blocked Ant’s record-breaking public offering in November.

Alibaba and Ant co-founder Jack Ma has resurfaced after months out of public view, quashing intense speculation over the billionaire’s fate as he faces increasingly scrutiny of his internet empire .

China’s best-known entrepreneur addressed dozens of teachers at an online conference Wednesday, as part of an annual event the billionaire hosts to recognize the achievements of rural educators. His appearance, first reported in a local blog, has been confirmed by people familiar with the matter.

Ma’s re-emergence could help quell lingering rumors of her fate as Beijing continues investigations into online finance titan Ant Group Co. and Alibaba Group Holding Ltd. , toughened fintech regulations, then ordered an overhaul of Ant and launched a separate antitrust investigation into Alibaba – all within days.

Ma’s assault on the trillion-dollar corporate empire sums up a broader campaign to curb a generation of Chinese tech giants that Beijing now sees as exercising too much control over the world’s No.2 economy. The wave of actions against its sister companies has shown how Beijing has lost patience with the inordinate power of its tech moguls, now seen as a threat to political and financial stability President Xi Jinping bestows the most.


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