How China Lost Patience with Its Loudest Billionaire

The sudden cancellation of Ant Group’s IPO shocked investors, but Beijing's slapdown of Jack Ma was years in the making. And Alibaba and Ant aren't the only tech firms under scrutiny by Chinese regulators.

#China+ #Asia #BloombergQuicktake
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[bigfoot]

In short Jackie Ma was humbly reminded he is in China.

[salvinsam]

Jack Ma: Money is power
CCP: Power is *POWER*

[grandysong]

"Woking from 9 to 9, 6 days a week is a blessing" is what he said. He actually forced his workers to do that. Because if you don't do that, someone else will. Then you are fired.

[gavecunningham]

"Working from 9 to 9, 6 days a week, is a blessing." - Jack Ma
Yes he really said that.
He might be one of the richest in Chinese history, but people will remember his name differently.

[metalfly.]

There's a fundamental difference between how China and US operates. In America, Money gives you Power; in China, Power gets you Money. No matter how wealthy you are in China, without the political backing you are nothing. Whereas in the US, no matter how capable you are as a politician, without the support of major donors to finance you, you wouldn't get very far either.

Although another key difference is the one party system vs. multi-party, in China, if you lose a political battle you often find yourself in jail or losing everything you built; in America losing one battle usually just means you need to prepare better for the next one, they don't look to end your career.

[boyihu]

Lol. Trying to find Jack Ma by knocking an old door of an apartment because he used to live there. Of course, with his wealth, we expect to find him living in an old condo with neighbours above and below, and also no security so that reporters can knock on his door.

[meganoobbg]

Being a businessman and saying "i hate regulations" in a summit in Shanghai, is like saying "i hate guns" during an NRA meeting in Texas. You cant really expect applause.

[burningmanmike]

“The nail that sticks out gets hammered down.”

[brianuyungele]

I burst into laughter when I saw him knocking on that old apartment door. do you really think there's a chance that he lives there? Out of so many mansions he has? And you ask "Jack, are you there?" in English. Jee

[terryhan]

you think Jack lives in an apartment like that? you just knock on the richest man in china's door and figure ok he's not home

[sunnyking]

In the US, Billionaires control government😂

[tcccmno]

He has this huge round head with a small face. Mesmerizing!

[lohitpeesapati]

They were scared of A.I (Alibaba intelligence)

[ClemensAlive]

When a chinese Billionair talks agressivly on a big stage - I instantly get Cyberpunk vibes

[royalmontpark]

Yep, he got inflated. His idea of using a helluv leverage to create huge credit bubble in China is DOA, China won't allow that. 2008 economic crisis well learned.

[Caydiem]

Kinda ironic that Tencents first product was a scuffed ICQ online-messenger.

[temodeart]

I am more worried about the mental health of the guy who expected to see a billionaire by simply knocking his old apartment's door while calling him Jack than Jack Ma himself.

[Trayten_Moriah]

Alibaba's monopoly fine was mainly due to the “choose one of two” rule: if a merchant wants to sell something on Alibaba, they were forbidden by Alibaba to sell something on other platforms.

[grapplerke]

Jack Ma thought he could be like Bezos in America

[annieshi-sansom]

He hasn’t learnt a thing from the 2008 financial crisis as irresponsible lending is exactly what he is promoting in China. He knows if he create a financial crisis in China, it’s the government who will have to pick up his mess!! He said that the regulators acted like “pawn shops” because they want you to put actual collateral on the line for the astronomical amount of money he wants to borrow!! Isn’t that what called responsible lending?