Posted on 10/27/2021 8:31:38 PM PDT by SeekAndFind
It has been exactly a year since Chinese businessman Jack Ma publicly criticised his communist government and since then he’s lost hundreds of billions of dollars of his vast fortune.
Over the last 12 months, his business, Alibaba — pegged as China’s version of eBay, Amazon and PayPal all rolled into one — has lost around US$373 billion (A$497 billion).
According to Bloomberg, Alibaba’s fall from grace is the single biggest financial loss a business has ever endured.
On October 24 last year, Mr Ma made a now-infamous speech at a business summit where he went viral for condemning the Chinese Communist Party (CCP).
“We shouldn’t use the way to manage a train station to regulate an airport,” Mr Ma said at the time. “We cannot regulate the future with yesterday’s means.”
His remarks came hot on the heels of a government announcement over plans to increase regulation into its financial sectors, and was perceived as a criticism.
The CCP’s wrath was swift and unforgiving. Mr Ma disappeared for months and Alibaba lost almost half its value in the space of a year.
The company’s market capitalisation slid sharply from US$850 billion just before Ma’s speech to $477 billion on Tuesday, at time of writing, according to NASDAQ.
That’s a drop of $373 billion.
The price of Alibaba’s stock was hovering around US$176 on Tuesday, as opposed to the US$306.87 a year earlier on October 26.
A number of things have caused the staggering loss in Ma’s wealth, who was once considered the richest man in China.
He is currently ranked 30th on Bloomberg’s billionaire index with an estimated net worth of US$46.1 billion, down from $60.3 billion this time last year when he was at his peak in terms of wealth.
(Excerpt) Read more at news.com.au ...
Bkmk
I think we can assume that it wasn’t merely “one comment” which made Xi Jinping angry. He isn’t that rash. There is a whole ideological underpinning to recent government actions and no doubt there was a plan to reign in what they consider “useless capital.”
Maybe he could do for conservative causes what Soros does for the left. Nah. Ma is no conservative . . . yet.
Well Jack, now you know. All the right wing hype about how bad the CCP is, might not be wrong after all. Oh, how they mocked our warnings, and oh, how they thought the CCP was just another benevolent, naïve, harmless government. Now you see.
The company itself is doing OK. Their sales and revenue are pretty good, with or without Mr Ma.
This article is dated. Jack Ma was out for in public a day or two ago in Hong Kong.
He is not a CCP organ donor yet.
I disagree with his comment, but did he really think he could get away with saying this? I’ve never been to China but I know they won’t accept even the slightest dissent.
where is Jack?
呵呵 馬共匪
“This article is dated. Jack Ma was out for in public a day or two ago in Hong Kong.”
More than a day or two but it was never verified.
“He is not a CCP organ donor yet.”
He is CCP and will never be. They just go under house arrest. At least until and if another clique gains power.
He is being kidnapped and under surveillance in Spain. His task is to liquidate his assets in Spain and bring them back to Xi. His assets are not really his entirely. He's a handler for the Jiang faction. His family is being held hostage. That's why he's doing this. He might end up dead at some point after he's no longer useful.
Horse Cloud’s offensive comment was on the order of : “No one should fear innovation.”
Jack Ma was out for in public a day or two ago in Hong Kong.
—
Reported to be out, not actually seen and photographed.
“I think we can assume that it wasn’t merely “one comment” which made Xi Jinping angry.”
Ma was being an alternate ‘power center’ in China, which cannot be tolerated in a Fascist State - no different that the reaction of the Left to Trump, although they don’t quite have the power to ‘disappear’ Trump.
You are absolutely correct
There are more similarities between the actions of Xi and the communist party and Biden and the democrat party than differences
Both hate and are in the process of destroying businesses
Maybe someone should write a book on how to become an organ donor in china?
Thank you for describing China properly as a fascist state. People don't understand this.
When you are an authoritarian communist state and you begin allowing "private" business (under state control) while keeping the dictatorial government in place ... that's fascism. And that's China.
Likewise if you are a capitalist state and the government goes heavy handed authoritarian socialist while converting the private businesses into defacto arms of the government .... that's fascism. And that's where we're headed if something doesn't change and fast.
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