Jack Ma Reappears, Ends Rumors About His Plight; Alibaba Stock Soars

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Jack Ma
Jack Ma

Chinese tech billionaire Jack Ma, the founder of Alibaba and Ant Group, resurfaced in a new video after disappearing from public view for three months.

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Mr. Ma avoided the public limelight since he criticized China’s regulatory system, His criticisms prompted the Chinese regulators’ crackdown on his companies. 

They stopped Ant Group’s proposed initial public offering (IPO) worth $34.5 billion, which is considered the world’s largest. They also ordered the fintech company to overhaul its business. Additionally, the Chinese regulators launch an antitrust investigation into Alibaba. 

According to Bloomberg’s billionaires’ index, Mr. Ma was China’s richest person before he disappeared on October 24. His net worth was $61 billion. His fortune declined significantly due to the crackdown on his businesses. He lost $ 8 billion and is no longer country’s wealthiest person.  

Since his disappearance, many speculated that the Chinese government did something terrible to him just like what happened to other Chinese billionaires. There were speculations that Mr. Ma is in prison or dead.