This disappearance from the public view is due to criticism. In October 2020, Jack Ma gave a speech at the Bund Summit in Shanghai, where he criticized China’s banking system, calling it “pawnshops” and arguing that it stifles innovation. He stated that the traditional banking system is outdated and that China’s regulators are too risk-averse, hindering the development of new ideas and technologies. Ma emphasized the need for financial reform and the creation of a more inclusive and sustainable financial system that is capable of serving small businesses and entrepreneurs. His remarks were widely reported in the media and caused a stir in the Chinese financial world, leading to increased scrutiny of Ma’s business activities by the Chinese government.
In the subsequent month, Ant’s proposed initial public offering worth £26 billion, which was set to become the biggest in the world, was scrapped abruptly by Chinese regulators due to “significant concerns” regarding the company’s regulation. Some analysts regarded it as additional proof that he had incurred the wrath of the Chinese Communist Party for being outspoken and wielding too much influence.
Mr. Ma lost control over Ant group, formerly Ant Financial, in January 2023.
Jack Ma continuously traveled to different parts of the world during these three years. He was exploring and learning about agricultural technology. Although it was said that he was out to learn agricultural technology, it is still unclear why he was out from public view.
After a long time revisit to his homeland, he went to Yungu School in Hangzhou. He talked about the potential challenges of artificial intelligence and its consequence regarding the current education system. School social media reported that he said;
“ChatGPT and similar technologies are just the beginning of the AI era. We should use artificial intelligence to solve problems instead of being controlled by it,”
Besides artificial intelligence, he also talked about the effects of social media on young brains.
It was also rumored that he was under house arrest, but this news is contextless. Subsequently, there have been accounts of his whereabouts in several nations, such as Spain, the Netherlands, Thailand, and Australia. According to the Financial Times newspaper’s report in November last year, Mr. Ma had resided in Tokyo, Japan, for six months.
Jack Ma, born in 1964 in Hangzhou, China, is a prominent businessman and one of the most recognizable faces in the world of e-commerce. He founded Alibaba Group, one of the world’s largest e-commerce companies that have transformed online shopping. With his remarkable entrepreneurial skills and vision, Ma has played a pivotal role in the growth of China’s internet industry and has become one of the wealthiest people in the world. His innovative ideas and perseverance have made him a role model for aspiring entrepreneurs worldwide.
Alibaba surges as much as 5.5% after the South China Morning Post reports billionaire co-founder Jack Ma has returned to China after more than a year abroad https://t.co/y7qfZecnfo
— Bloomberg (@business) March 27, 2023
