Ma has almost completely disappeared from public view after Chinese regulators shut down his fintech company Ant Group’s IPO in late 2020.
Key Background
Formerly the richest person in China, Ma has seen his fortunes and his public image slump as Chinese President Xi Jinping and his government have tried to rein in the country’s tech giants. Ma in particular drew Beijing’s ire after criticizing the country’s financial regulators in a public speech in Shanghai. Beijing’s crackdown appears to have eased in the past few months as Ma has
cede control of Ant Group—which he co-founded and helped grow into one of China’s most dominant fintech players. This move will allow Ant Group to distance itself from Jack Ma’s other tech giant, Alibaba.
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