Explained | Why Jack Ma s wealth rose by $2 3 billion after China fined Alibaba msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
The Chinese tech billionaire behind Asia s version of Amazon has reportedly not been seen in public for more than two months after falling foul of President Xi Jinping.
Jack Ma, one of China s most successful and outspoken tycoons, criticised the country s pawnshop financial regulators and state-owned banks in an incendiary speech in Shanghai in October.
He called for reform of a system that stifled business innovation and likened global banking regulations to an old people s club .
The speech angered the Chinese government, which viewed Ma s criticisms as an attack on the authority of the Communist Party, and led to its extraordinary clampdown on Ma s business activities.
China: Alibaba s Founder Slips to Third Richest Man After Disappearing albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
Jack Ma
Chinese billionaire Jack Ma – the man behind Asia’s version of Amazon – has slipped to third in the country’s rich list after criticising authorities and disappearing from his own TV show.
Chief executive and founder of budget e-commerce marketplace Pinduoduo Colin Huang has overtaken Ma of Alibaba Group Holding and Tencent Holdings’ Pony Ma Huateng to become the country’s second richest person.
He now has a current net worth of US$63.1 billion, according to the Bloomberg Billionaires Index.
The news comes as mystery surrounds the whereabouts of Jack Ma, who vanished from his own TV talent show. There has been no sign of him since late October.