Jack Ma’s financial ambitions have been thwarted by his government for last many months. The actions by the latter include disallowing an IPO launch and initiating a probe, all of which eroded investor confidence in the company and took a toll of $11 billion in two months from the wealth of Jack Ma.
Interestingly, the pandemic COVID-19 inadvertently transpired to boost online facilitators to sky-high valuations as they fulfilled a role sorely needed in the worldwide lockdown restrictions. Jack Ma’s websites were beneficiaries too.
The Chinese government seems to be motivated by attempting to nip in the bud the growing influence of tech companies , which may begin providing financial services like online banking too.
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The entrepreneur has not been seen in public from last two months and his scheduled appearance in a reality show also has been cancelled with sources citing schedule mismatch of Jack Ma.
Likewise his official verified Twitter account too has been silent from more than last two months.