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Why Did Xi Jinping Purge Jack Ma?

Why Did Xi Jinping Purge Jack Ma? Commentary Jack Ma, now China’s fourth-richest man and the former CEO of Chinese e-commerce giant Alibaba, criticized China’s financial system policies at the Bund Summit 2020 in October. Since then, his enterprises have become the target of Xi Jinping. At first, the listing plan for Ant Group, an affiliate company of Alibaba, was halted on Nov. 3. On April 10 this year, the Alibaba Group was fined $2.8 billion on the grounds that it violated an antitrust law, and Ma’s elite business school, Hupan University, was forced to halt enrolments. I don’t think Ma’s troubles are over.

Daily Digest Of Tech Policy News And Updates (April 13, 2021)

Alibaba Group hit with record $2 8 billion fine amid increased government scrutiny of billionaire Jack Ma s tech empire

Alibaba accepts the penalty with sincerity, the company said in a statement. China on Saturday fined Jack Ma s Alibaba Group a record $2.8 billion for abusing its leading market position. Alibaba Group said in a statement that the penalty came from the State Administration for Market Regulation, which had been investigating it since December. The fine was yet another sign that Chinese regulators have taken a more critical stance towards the tech empire built by Ma, one of the country s wealthiest moguls. Advertisement Speaking at a conference last fall, Ma made negative comments about international financial regulations. Chinese President Xi Jinping then reportedly halted a planned $37 billion initial public offering by Ant Group, another Ma company.

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