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Jack Ma’s Criticism Of Beijing Has Now Cost His Companies Over $850bn
Jack Ma’s Alibaba and Ant Group peaked in 2020. However, the companies came under pressure after Jack Ma criticized Beijing. The companies have been affected a lot since then due to various regulatory crackdowns from the Chinese State.
After Beijing?s pressure, Jack Ma disappeared for more than two years, and the companies have lost more than $850 billion collectively since then. On Friday, the Central Bank of China announced a fine close to $985 million for Ant Group. Ant Group is a fintech company that was founded by Jack Ma and works through the Alipay Payments app.
According to Business Insider,
?Ma angered Chinese authorities after giving a speech in October 2020 in which he criticized China’s financial regulatory system and claimed Chinese banks were operating with a “pawnshop” mentality.?
Jack Ma faced a big backlash from the Chinese State after it criticized Beijing, and this resulted in several negative effects on his wealth as well as his companies. However, the fine might be a signal of the end of the regulatory crackdown.
In addition to that, Alibaba, which was co-founded by Jack Ma, saw a drop in 45% of its market value of about $620 billion after it reached its peak in 2020. Currently, the value of Ant Group is around $78.5 billion, and its valuation in 2020 was $315 billion. Hence, it is fully visible that Beijing?s crackdown fully weakened the company.
The drop in the valuation of both Alibaba and Ant Group saw a drop in the net worth of Jack Ma to $34.1 billion, which was $61 billion in October 2020.
In recent times, Ma has been spotted in various places, including Bangkok, Hong Kong, Hangzhou, and various other places.
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