The Net is boiling with Jack Ma disappearance theories
Social media has been raving about the disappearance of multimillionaire Jack Ma, the CEO of the Chinese web store Group Alibaba. Mom hasn’t been seen in public since the end of October. The speculations have grown since he failed to show up for a TV show in which he ruled. At the same time, Chinese regulators are turning the screws on his companies.
At the end of October, Ma criticized the Chinese government at a meeting in Shanghai. Ma didn’t agree with the Chinese government regulations, he said. This cost him dearly: the IPO of his tech company and payment service provider Ant Group, whose value is estimated at 37 billion dollars, was unexpectedly cancelled. That would have been the biggest IPO ever.
Ma was replaced in November in the final episode of the TV series Africa’s Business Heroes, according to the Financial Times. According to a spokeswoman from Alibaba, Ma was unable to participate because of an agenda problem, but she didn’t want to say anything else. Connoisseurs think Mom should lay low for a while, and that’s why he’s avoiding the publicity.
China has recently taken a firm stand against anti-competitive behavior by its major technology groups. It was recently announced that the Chinese competition regulators have started an investigation into Alibaba on the grounds of suspicion of abuse of its strong dominant position. Chinese authorities are also investigating dozens of Ant Group Investments and the Chinese authorities also want Ant Group to stop providing consumer credit and asset management services. According to Beijing, the company should only deal with payment services, such as the Alipay payment.