Alibaba founder and 56-year-old billionaire Jack Ma has not appeared in public for more than two months after the conflict with the Chinese government in late December, when antitrust investigations began.
Last November, China introduced rules that halted the initial public offering of financial technology company Ma. The billionaire called China’s financial management principles “the club of the elderly” and said that “the country cannot use the methods of the past to regulate the future.”
Until recently, Ma was China’s richest man with a fortune of over $ 60 billion. In two months, his property valuation fell by $ 12 billion due to China tightening rules for the financial technology industry. The billionaire is now the fourth richest man in China.
Back in 2019, another Chinese billionaire, Guo Wengui, who fled the country in 2014, said that Jack Ma might be in trouble. According to him, the Chinese government wants to get hold of his profitable company Ant Group.