Jack Ma’s speech that he made back in October triggered and offended the Chinese government has put him in a position wherein he hasn’t made any public appearances and now he loses ” China’s Richest ” tag.
A list that was published today showed that Jack Ma has lost the title of China’s richest man as his fellow competitors and peers prospered.
In the Hurun Global Rich List in 2020 and 2019, Ma and his family had held the top spot for China’s richest but have now come down to the fourth place. As per the list, he’s behind bottled water maker Nongfu Spring’s Zhong Shanshan, Tencent Holding’s Pony Ma and e-commerce upstart Pinduoduo’s Collin Huang.
Since Jack Ma’s speech, regulators have tightened anti-trust scrutiny on the country’s tech sector, targeting Alibaba as the market regulator launched an official anti-trust probe into Alibaba last year in December.
Chinese regulators have been asked to tighten their grip on the fintech sector and have asked Ant to fold some of its businesses into a financial holding company to be regulated like traditional financial firms.
In January, he made a 50 seconds video appearance in January after disappearing for over 3 months.