This billionaire gave a 20-minute speech criticizing China.
Shortly after, he vanished for 3 months.
When he returned, he had lost:
- $31 billion
- His powerful voice
- Control of his $877 billion company
Here’s what really happened to the Chinese Jeff Bezos:🧵
Shortly after, he vanished for 3 months.
When he returned, he had lost:
- $31 billion
- His powerful voice
- Control of his $877 billion company
Here’s what really happened to the Chinese Jeff Bezos:🧵
Before the speech, Jack Ma was untouchable.
Co-founder of Alibaba, worth $61 billion, China's richest man.
His company processed more transactions than Amazon and eBay combined.
He was literally the face of Chinese entrepreneurship.
But ONE speech changed everything...
Co-founder of Alibaba, worth $61 billion, China's richest man.
His company processed more transactions than Amazon and eBay combined.
He was literally the face of Chinese entrepreneurship.
But ONE speech changed everything...
October 24, 2020: Ma speaks at the Bund Summit in Shanghai.
China's top financial regulators are in the audience.
Instead of playing it safe, Ma delivers what would become the most expensive speech in history.
He called Chinese banks "pawnshops" and regulators "elderly."
China's top financial regulators are in the audience.
Instead of playing it safe, Ma delivers what would become the most expensive speech in history.
He called Chinese banks "pawnshops" and regulators "elderly."
Ma's exact words:
"Chinese banks operate with a pawnshop mentality"
"The Basel Accords are like a club for the elderly"
"China's financial system lacks innovation and stifles growth"
The regulators in the audience were furious. He'd punched them in the face publicly.
"Chinese banks operate with a pawnshop mentality"
"The Basel Accords are like a club for the elderly"
"China's financial system lacks innovation and stifles growth"
The regulators in the audience were furious. He'd punched them in the face publicly.
The retaliation was swift and brutal.
November 3: Ant Group's record $37B IPO - cancelled overnight
November 5: Antitrust investigation launched into Alibaba
December: Ma stops appearing in public
The message was clear: Nobody is bigger than the system.
November 3: Ant Group's record $37B IPO - cancelled overnight
November 5: Antitrust investigation launched into Alibaba
December: Ma stops appearing in public
The message was clear: Nobody is bigger than the system.
What most people don't know about Ma's disappearance:
His friends begged him to soften the speech beforehand.
Senior financial regulators would be in the audience.
Ma refused: "I should be able to say what I want."
That stubbornness backfired.
His friends begged him to soften the speech beforehand.
Senior financial regulators would be in the audience.
Ma refused: "I should be able to say what I want."
That stubbornness backfired.
This mindset is cultural suicide over there.
In Chinese business, you NEVER embarrass someone in public.
Face and respect are everything.
Ma broke the cardinal rule and paid the ultimate price.
In Chinese business, you NEVER embarrass someone in public.
Face and respect are everything.
Ma broke the cardinal rule and paid the ultimate price.
The numbers from Ma's fall are staggering:
Personal wealth: $61B → $30B (lost $31 billion)
Alibaba market cap: Lost $344 billion
Ant Group valuation: $280B → $78B (lost $202 billion)
Total empire loss: $877 BILLION
All from 20 minutes of speaking.
Personal wealth: $61B → $30B (lost $31 billion)
Alibaba market cap: Lost $344 billion
Ant Group valuation: $280B → $78B (lost $202 billion)
Total empire loss: $877 BILLION
All from 20 minutes of speaking.
But here's what's really crazy about the aftermath:
Ma didn't just lose money - he lost control.
January 2023: Forced to give up control of Ant Group
March 2023: Alibaba split into 6 separate companies
The government systematically dismantled his empire.
Ma didn't just lose money - he lost control.
January 2023: Forced to give up control of Ant Group
March 2023: Alibaba split into 6 separate companies
The government systematically dismantled his empire.
Ma's disappearance sparked global speculation.
Was he arrested? Under house arrest? Fled the country?
January 2021: He finally resurfaces in a video call with teachers.
Later spotted in Tokyo, living quietly as a university professor.
From billionaire tech mogul to a ghost.
Was he arrested? Under house arrest? Fled the country?
January 2021: He finally resurfaces in a video call with teachers.
Later spotted in Tokyo, living quietly as a university professor.
From billionaire tech mogul to a ghost.
The lesson isn't just about China - it's about power anywhere.
When you get big enough to threaten the system, the system fights back.
Doesn't matter if you're worth $60 billion.
Doesn't matter if you employ millions.
Challenge the wrong people, and you're done.
When you get big enough to threaten the system, the system fights back.
Doesn't matter if you're worth $60 billion.
Doesn't matter if you employ millions.
Challenge the wrong people, and you're done.
The interesting part? Ma recently returned to public life.
March 2025: Spotted at a tech summit with President Xi.
But he's no longer the Jack Ma who built Alibaba.
He's a cautionary tale about knowing your place in the power structure.
March 2025: Spotted at a tech summit with President Xi.
But he's no longer the Jack Ma who built Alibaba.
He's a cautionary tale about knowing your place in the power structure.
The key takeaway:
This story is a reminder that in business, sometimes the most dangerous enemy is your own mouth.
Know when to speak up. Know when to stay quiet.
Especially in countries like China where money doesn't mean you can challenge the system.
This story is a reminder that in business, sometimes the most dangerous enemy is your own mouth.
Know when to speak up. Know when to stay quiet.
Especially in countries like China where money doesn't mean you can challenge the system.
Today, Ma is worth "only" $30 billion and lives quietly in Tokyo.
Alibaba operates under heavy government oversight.
Ant Group is a shadow of what it could have been.
All because of a 20-minute speech calling out the wrong people.
Alibaba operates under heavy government oversight.
Ant Group is a shadow of what it could have been.
All because of a 20-minute speech calling out the wrong people.
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