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of Alibaba, in November 2020, Chinese billionaire Jack Ma went missing for more than two months. It is estimated that the reason behind his disappearance was his critical -and also the last- speech against the Chinese Communist Party. Since then, his whereabouts have been closely watched.
Most recently, China's tech market has been shaken by a report from China Central Television . Claiming that a man surnamed 'Ma' has been detained, the report sparked a fall in the shares of Alibaba Group Holding and caused fluctuations in the country's tech market. Ma's latest enterprise Ant Group is a financial technology company founded in 2014. Through its Alipay mobile banking app, the business controls China's digital payment sector.
On October 24, Jack Ma gave a speech at the Bund Summit in Shanghai. In the speech, He criticized the supervision of financial regulations as outdated, adding that global banking rules were like an “old people’s club.” He went on to emphasize the need for a change in Chinese banking, which is negatively affecting entrepreneurs.these words, and after that, the Chinese Communist Party targeted Ma’s financial empire.
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