Jack Ma, the founder of Alibaba and Ant Group lost the title of China’s richest person. According to the reports the overthrow was after the imposition of strict regulations on his business empire by the Chinese government. Ma was consistently holding the first position on Hurun Global Rich List in 2020 and 2019. Currently, Ma was thrown to the fourth position behind the bottled water maker Nongfu Spring’s Zhong Shanshan, Tencent Holding’s Pony Ma, and e-commerce startup Pinduoduo’s Colin Huang.
Hurun reports, “his fall was after the Chinese regulators curbed in Alibaba and Ant group on antitrust issues”. Ma has recently opened up his distress on Chinese regulatory systems in a speech on October 24, which leads to the suspension of his Ant Group’s $37 billion IPO. The speech has provoked the regulators to fasten the antitrust scrutiny over the country’s tech sector which has ultimately put Alibaba also under pressure. The regulators have reinforced their grip on the fintech sector and have forced Ant to fold some of its business firms to regulate like traditional financial firms.
Ma was vanished from the public for about three months, initiating frantic rumors about his whereabouts. He reappeared in January with a 50s video. The founder of TikTok and the owner of ByteDance- Zhang Yiming, entered the top five rankings for the first time in Hurun’s Global Rich List, with an approximate turnover of $54 billion.