Jack Ma: tycoon who soared on China's tech dreams grounded by regulators

Updated : Jan 11, 2023 08:30
|
Editorji News Desk

Jack Ma, the unconventional billionaire founder of tech giant Alibaba and the totem of China's entrepreneurial brilliance, has stepped out of the limelight since a Communist Party crackdown that chopped back his empire.

The most recognisable face in Asian business, Ma has seen his fortune fall by around half to an estimated $25 billion after authorities pulled what would then have been the world's biggest-ever IPO in 2020.

The company changed the shopping habits of hundreds of millions of Chinese people and catapulted Ma to international stardom. 

In 2014, Alibaba listed in New York in a world-record $25 billion offering.

Ant is still the world's largest digital payments platform, with hundreds of millions of monthly users on its Alipay app.

But any future listing appears a long way off, with fears persisting that its personal finance products reach too deeply into the pockets of ordinary Chinese.

Alibaba GroupJack Maalibaba

Recommended For You

editorji | Business

Sensex falls 429 points, Nifty slips 173 points after RBI rate hike

editorji | Business

RBI raises repo rate by 25 bps to 5.50%, shifts policy towards tightening

editorji | Business

GST rates likely unchanged as 57th Council meeting focuses on reforms

editorji | Business

Sensex gains 685 points, Nifty rises 220 points to cross 22,700

editorji | Business

Sensex gains 473 points, Nifty rises 134 points as markets stage recovery