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