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World s billionaire factory shudders as China cracks down

China’s crackdown on Ant won praise last month from Berkshire Hathaway Inc. Vice Chairman Charlie Munger, who said in an interview with CNBC that the Communists did the right thing” by letting Ma know he couldn’t wade into banking.and just do whatever he pleased.” BEIJING: It was the kind of brazen PR stunt that Jack Ma might have dreamed up. But this wasn’t the flamboyant Chinese billionaire who disappeared from public view eight months ago. It was Mark Zuckerberg, bobbing up and down on a hydrofoil surfboard, clutching an American flag and exuding all the confidence of a man worth $130 billion.

The World s Billionaire Factory Shudders as China Cracks Down

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World s billionaire factory shaken as China cracks down on savage growth

It was the kind of brazen PR stunt that Jack Ma might have dreamed up. But this wasn’t the flamboyant Chinese billionaire who disappeared from public view eight months ago. It was Mark Zuckerberg, bobbing up and down on a hydrofoil surfboard, clutching an American flag and exuding all the confidence of a man worth $130 billion. The contrast between the social media mogul’s July 4th Instagram video and the day’s big event in China could hardly have been starker. Regulators in Beijing had just hours earlier banned Didi Global Inc.’s ride-hailing service from app stores, delivering their latest hammer blow to an entrepreneurial elite that once seemed destined to challenge Zuckerberg and his U.S. peers at the top of the world’s wealth rankings.

Billionaire factory shudders as China cracks down

Billionaire factory shudders as China cracks down
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Higher Inflation Could Benefit Financial-Services Companies

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