Alibaba boss says founder Jack Ma is ‘hidden’

Jack Ma

Following Ma’s criticism of China’s regulatory system last year, Beijing decreased heavily on the corporateresulting in the shelving of monetary affiliate Ant Group’s $37 billion IPO and an enforced restructuring of Ant

Alibaba Group Holding founder Jack Ma is “lying low” and that specialize in hobbies and philanthropy, the Chinese e-commerce giant’s executive vice-chairman and co-founder Joe Tsai told CNBC on Tuesday.

Following Ma’s criticism of China’s regulatory system last year, Beijing decreased heavily on the corporateresulting in the shelving of monetary affiliate Ant Group’s $37 billion (roughly Rs. 2,71,150 crores) initial public offering and an enforced restructuring of Ant.

Ma, China’s best-known entrepreneur, has been largely out of public view since.

β€œHe’s lying low immediately. I ask him a day,” Tsai said on CNBC’s squawker show.

Ma, who was known for his outspokenness and for pushing boundaries with audacious statements, stepped down from Alibaba in 2019 but continued to loom large within the eyes of investors.

“The concept Jack has this enormous amount of power, I feel that’s almost right,” Tsai said. “He is simply such as you and me, he’s a traditional individual.”

Alibaba was also fined a record $2.8 billion (roughly Rs. 20,520 crores) in April for anti-competitive business practices, amid a wider regulatory crackdown on China’s booming “platform economy” based around technology frameworks.

“Our business is under some quite restructuring on the financial side of things, and also in antitrust regulation. We had to pay an enormous fine. But we’ve gotten that behind us, so we’re looking forward,” Tsai told CNBC.

Asked about human rights issues in China, Tsai said an outsized number of individuals within the country were happy that their lives are improving.

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