Billionaire Jack Ma Resurfaces After 3 Months

Jack Ma giving a speech on stage.

Tech billionaire Jack Ma is also on the target list. (Image: Minipig via Dreamstime)

At the Bund Finance Summit in Shanghai on Oct. 24, 2020, Jack Ma, founder of Alibaba and fintech giant Ant Group Co., raised quite a few eyebrows by making some controversial statements, like drawing parallels between Chinese banks and pawn shops and stating that China does not encourage innovation, thereby reducing chances of growth and development.

It is important to note that the Bund Finance Summit was attended by many financial regulators and political leaders. The speech given by Mr. Ma set off a chain of events that ultimately led to his disappearance for over 3 months.

Subscribe to our Newsletter!

Receive selected content straight into your inbox.

After the Finance Summit in Shanghai concluded, Jack Ma’s businesses began receiving high-level scrutiny from Chinese authorities, with multiple probes investigating alleged anti-competitive behavior. Multiple summonses were issued to Mr. Ma and Ant Group Co. All these steps were considered to be in reaction to statements made by Mr. Ma at the Shanghai summit and gave rise to a long series of speculations. 

Regulators began compiling reports on Ant Group’s microlending practices and concluded they were to blame for encouraging people to build debt. There were multiple meetings between financial regulators, Mr. Ma, and a few top Ant Group Co. executives, and soon the biggest IPO in history, the Ant Group Co. IPO was called off. The Shanghai and Hong Kong stock exchange halted the US$37 billion IPO.

A closeup of the Ant Group Co. company logo on their website.
At US$37 billion, Ant Group’s IPO would have been the biggest IPO in history. (Image: Transversospinales via Dreamstime)

Jack Ma disappears

After the scrutiny and meetings began, Jack did not appear for the final episode of a TV show, Africa’s Business Heroes, in which he was to appear as a judge. People started questioning his absence and wondered what might have happened? Some even suggested that he might have been arrested due to the ongoing scrutiny of his businesses or for statements targeting China in his address at the Bund Finance Summit. His sudden disappearance created quite a stir worldwide. Many people were concerned about his safety and whereabouts

However, after over three months of laying low and being almost untraceable, Jack Ma was recently seen addressing rural teachers via a video conference. The speculations and rumors came to a halt. Jack Ma addressed over 100 teachers in rural areas via the video conference. The spokesperson of his foundation and several Chinese media reports further confirmed his virtual appearance.

Mr. Ma, who appeared to be very relaxed throughout the video conference session, received praise from foundation members for his dedication and commitment to education. During the video conference, Mr. Ma’s statements suggested that his absence was due to the spread of COVID-19 and that he looked forward to meeting the group in person next time.

A vial and syringe sit atop a world map with the coronavirus drawn on it.
Mr. Ma’s statements suggested that his absence was due to the spread of COVID-19. (Image: Kts via Dreamstime)

Shortly after, another video appeared in the news showing Jack Ma visiting a primary school in Tonglu County, near Hangzhou, China. Mr. Ma was seen wearing a black cap and jacket. However, the video did not disclose any details or the reason behind his visit.

The chain of events started with his address at the Bund Finance Summit in Shanghai and led to his sudden disappearance and scrutiny of his businesses by the financial regulators. It is still unclear whether the Chinese government is putting pressure on Mr. Ma.

Follow us on Twitter, Facebook, or Pinterest

Recommended Stories

A woman holding her hand over her face.

18 Resourceful Ways That Help Reduce Mental Stress

Many people have experienced stress at some point in their life. People generally sense that ...

Various colorful superfoods such as acai powder, turmeric, matcha green tea, quinoa, pumpkin seeds, blueberries, dried goji berries, cape gooseberries, raw cocoa, hemp seeds, and others in bowls on a marble surface with blocks spelling the words "super foods."

The Top 8 Superfoods

“Superfoods” are foods considered to be beneficial to our health. Among the superfoods that made ...

Comic portrait of a retro pinup woman with a beehive hairstyle.

6 Hairstyles That Could Damage Your Hair: Tips for Healthier Choices

For eons, hairstyles have been a prominent beauty symbol for women worldwide. In most cultures, ...

Respect is a fundamental aspect of our interactions with others.

The Power of Respect: A Lesson From a Successful Entrepreneur’s Grandfather

Respect is a fundamental aspect of our interactions with others. It not only reflects our ...

Living cells.

How Pigs With Human Brain Cells And Biological Chips Cheat Scientific Ethics

Earlier this month, scientists at the Guangzhou Institutes of Biomedicine and Health announced they had ...

Beautiful panoramic view of rooftops in the old town of Zug, Switzerland, with the town hall tower, Lake Zug, and the Pilatus mountain in the background.

Switzerland’s Safety Unveiled: A Journey Through Security and Serenity

Switzerland, often called the heart of Europe, is renowned for its breathtaking landscapes, pristine lakes, ...

A fishmonger's display on the Mediterranean island of Crete.

A Mother’s Wisdom: A Single Sentence that Changed a Fishmonger’s Life

In a quaint town in the south, there was always a line at a fish ...

Two men and a woman studying a graph.

8 Qualities of a High-Value Man That Make Him Stand Out

Becoming a high-value man is about showing people that you deserve their loyalty, respect, and ...

Ancient Chinese sitting and standing on platform.

9 Amazing Things Invented by the Chinese

China today is often mocked as the “copycat nation” due to its tendency to take ...

Send this to a friend