Thread by @BiIndia

Where is #JackMa? Questions arise about the billionaire’s whereabouts as #Alibaba faces scrutiny from the Chinese government

businessinsider.in/international/…

By @SanchDash

@SanchDash #JackMa, the Chinese billionaire currently under scrutiny by the government of #China, has reportedly not been seen in public for several weeks.

#Alibaba

#JackMa was scheduled to appear for the filming of his own talent show – Africa’s Business Heroes but was instead replaced by another #Alibaba executive.

#Alibaba and #AntGroup, founded by Ma, are currently faced with an antitrust probe for alleged monopolistic practices.

#JackMa

The Chinese e-commerce giant told Financial Times that Ma couldn’t appear on the show due to a conflict in schedules.

#JackMa #Alibaba

Reports also indicate that #Alibaba had earlier been warned by the regulators for its practice where “merchants are required to sign exclusive cooperation pacts preventing them from offering products on rival platforms.”

#JackMa

And that wasn’t all. Earlier in November 2020, #Alibaba and #AntGroup's $34 billion initial public offering (IPO) was suspended by the Shanghai Stock Exchange.

#JackMa

#AntGroup, touted to be the world’s biggest #IPO, was scheduled for a dual listing on November 5 — on Shanghai and Hong Kong bourses and it was halted in #China with less than 48 hours to go.

#JackMa

According to the Bloomberg Billionaires Index, #JackMa has lost over $11 billion in the last three months – from the highs of $61 billion in October 2020 to $50.6 billion currently.

The scrutiny came down heavily on him after #JackMa had gone on to publicly criticize the Chinese regulators and had called the country’s banks “pawnshops”. Ma, who once held the tag of wealthiest man in Asia, has seen his net worth tumble.

#Alibaba