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Jack Ma’s losses in 2021 as per the latest report. He is founder of the Alibaba’s biggest eCommerce in China. Jack is the greatest entrepreneur in China.
His companies are facing a great decline in the year FY21. Alibaba’s valuation reduces to $588 billion this year. Earlier its valuation was about $857 billion.
Jack Ma’s losses are shocking everyone across the globe. Further to add declination of his net worth Ant Group reduced to $ 108 billion. Ant group function over Ali Pay China’s largely used digital platform.
But now its valuation falls from $ 470 billion.
Speculation is being made that Jack Ma’s downfall is because of the Chinese government. Chinese government regulating his venture in a highly strict manner.
It is trying to suppress its progress. Subsequently, the Chinese government attempting to cut the trust from the investors.
Jack Ma Criticism against the Chinese government
The main reason for Jack Ma’s losses is his statements. Jack Ma once criticized the Chinese government.
On October 24th, 2020 at some financial summit Jack Ma talk against the financial system of China.
Further, he added the banks impose a lot of regulations to lend a loan. This will not encourage entrepreneurs to build the business. These words directly hurt the sentiments of the Chinese government.
Then Chinese government made a lot of indirect damage to the company.
Also read : success story of Jack Ma how he became an billionaire
Chinese government fine of $2.8 billion
Alibaba became one of the largest e-commerce in China. It almost has majority shares in this space. People had great trust and hope in this venture.
But all of a sudden Chinese regulators put a fine of $ 2.8 billion against Alibaba on an anti-monopoly case.
According to the case, it is reported that Alibaba was forcibly pulling merchants to his platform. In case of denying, then Alibaba would indirectly harm the business.
This was the reason behind the $2.8 billion fine. Instead of being angry, Jack Ma thanked regulators for investing in his company.
Cancellation of Ant Group IPO
Ant Group runs over Ali pay a digital payment platform all set for the IPO.This IPO aimed at raising $37 billion.
But the IPO was suspended for various reasons. Chinese government doubted the stability of the platform.
Reports say the Chinese government deliberately made the suspension of IPO. Ali Pay became more essential than Chinese banks. Even Ali Pay had over a billion users.
Jack Ma disappearance
After his criticizing statement against the Chinese government, Jack Ma was not seen in public for a long time.
Event he made his last tweet on October 10th, 2020. Jack Ma did not take part in the African TV Show.
So speculations being made that he is been detained by the government. He might be gone missing or kidnapped. Some reports Jack Ma deliberately avoided public appearance.
Finally, Alibaba founder Jack Ma came across some video conference in January 2021 after two months of disappearance.
In this manner, Jack Ma’s losses in net worth have severely seen downfall. Recently, Jack Ma step down from the chairman of Alibaba. Daniel Zhang will fulfill his position.