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Monday, July 26, 2021

Jack Ma Is Lying Low And Focusing On Hobbies And Philanthropy


Jack Ma, the Chinese billionaire and founder of the iconic e-commerce company Alibaba, has been quiet after the Chinese government’s action and has taken to painting these days. Joseph Tsai, his close business aide, gave this information.

China’s finance regulators summoned Jack Ma last year and fined him for allegedly abusing his dominant position in his company.

In an interview with the US media on Wednesday, Alibaba’s vice president Tsai said, “Jack leads a simple life. I talk to him and message him every day through the internal messaging platform. He is doing very well in life and is fond of painting.”

Jack stepped down as chairman and chief executive officer at Alibaba two years ago and now focuses on hobbies and philanthropy.

Jack had criticized China’s financial regulatory system during a summit in Shanghai in October last year. Hundreds of banks and regulators attended the conference.

Jack had compared Chinese banks to ‘pawn shops’ and was, therefore, summoned by national regulators. His statement angered the ruling Communist Party-led government, after which the government launched an investigation against his company.



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