Where is Jack Ma? Reasons of Disappearance

The Chinese billionaire, Alibaba founder, Jack ma has not been seen in public since October 2020. At the same time the billionaire had hit out against the ruling communist Regime in China.

What is the issue?

The speculation around the founder of Alibaba, Jack Ma recently peaked after he failed to appear in the final episode of his own Talent Show Africa’s business heroes.  The show aimed to provide a space to the African entrepreneurs in competing for 1.5 million USD price. Jack ma was replaced by an Alibaba executive in the finals of the show.

What are the recent Chinese government actions against Jack ma and his Enterprises?

• In December 2020, the market Watchdog of China began investigating alleged anti competition practices of Alibaba. Rectification plan for Jack Ma’s fintech venture and group has been laid out.
• The people’s Bank of China (the apex bank of the country) has summoned Alibaba and group for regulatory Talks. The bank has also announced a sweeping plan for the fintech firm to rectify its regulatory violations.
• China had suspended the Ant Group 37 billion USD Initial Public Offer (IPO). The IPO was halted just before 48 hours of its listing on Hong kong and Shanghai stock exchanges.

What are Alibaba’s investments in India?

The investment of Alibaba in India includes Paytm, food delivery startup Zomato, online retailer Snapdeal, online grocer big basket, Logistic firm Xpressbees.

Who is Jack Ma?

Jack Ma is an English school teacher turned entrepreneur. As of July 2020, his net worth was of 48.2 billion USD and is the second wealthiest person in China. In 1994, Jack ma started his first company Hangzhou Haibo translation agency. In 1995, he started a website call China Yellow Pages with the help of his friends. In 1999 he launched Alibaba. In 2012 the online transaction volume of Alibaba exceeded 1 trillion Yuan. He founded a business school in 2016. He stepped down from the board of Alibaba in September 2019.

Month: Current Affairs - January, 2021