Alibaba executive says Jack Ma ‘lying down’, looking at the stakes | Business and economic issues


Jack Ma, who is known for his frankness and bold statements, has been largely out of public view since he criticized China’s regulatory system.

Alibaba Group Holding founder Jack Ma “lies low” and focuses on hobbies and philanthropy, executive vice president and co-founder of Chinese e-commerce giant Joe Tsai he told CNBC on Tuesday.

Following Ma’s criticisms of China’s regulatory system last year, Beijing has fallen heavily on society, leading to the shelving of Ant Group’s initial $ 37 billion Ant public offering and a forced renovation of Ant.

But, China’s best-known entrepreneur has been largely out of the public eye ever since.

“Now he’s lying down.” I talk to him every day, ”Tsai told CNBC’s Squawk Box show.

But, who was known for his frankness and for pushing the boundaries with bold statements, he left Alibaba in 2019 but continued to stand out in the eyes of investors.

“The idea that Jack has this huge amount of power, I think that’s not good,” Tsai said. “He’s like you and like me, he’s a normal individual.”

Alibaba was also fined a record $ 2.8 billion in April for anti-competitive business practices, amid a broader regulatory recovery on China’s growing “platform economy” based around technology frameworks .

“Our business is under a kind of restructuring from the financial side of things, and also in antitrust regulation. We had to pay a big fine. But we put it back, so we wait forward,” Tsai told CNBC.

Asked about human rights issues in China, Tsai said a large number of people in the country were happy that their lives would improve.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *