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Thursday, March 28, 2024

A Chinese billionaire is hiding in Tokyo. Previously, he criticized the authorities

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Alibaba founder Jack Ma, a billionaire who has rarely been seen in public since criticizing Chinese regulators, is hiding out in Tokyo, according to the Financial Times.

The Financial Times, owned by the Japanese media company Nikkei, reported that Ma had recently lived in Japan. Citing unnamed sources, the newspaper said the former English teacher turned tech star has been living in Tokyo with his family for almost six months. He spent his time visiting hot springs, ski resorts in rural Japan. He also traveled regularly to the United States and Israel.

Melting wealth

The Chinese billionaire’s fortune has more than halved from nearly $50 billion to $21.7 billion as regulators take aim at his vast Chinese tech empire. Ma, known for his outspoken nature and eccentric nature, accused regulators of stifling innovation.

His comments have reportedly infuriated President Xi Jinping, who is currently fighting protests against China’s “COVID zero” policy. Sam Ma disappeared from public life for three months.

Market Rules

Chinese regulators have taken action to block the listing of Ant Group, a subsidiary of Alibaba. Beijing has also ordered Alibaba to sell some of its media assets, including Hong Kong’s South China Morning Post. A few months later, Alibaba was fined a record $2.8 billion for anti-competitive practices.

It was revealed last week that China’s central bank, which regulates the financial sector, had to fine Ant Group more than $1 billion.

Source: Financial Times

Source: Wprost

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