Jack Ma, the effervescent co-founder of Alibaba, was the poster boy for China's Silicon Valley. He is associated with a classic Cinderella story. No wonder Ma turned Alibaba into one of the few most populous e-commerce platforms and transformed the shopping experience in China. However, he has been in the background of many events in the recent past, thus prompting one question: Where is Jack Ma?
In October 2020, news stories were created about Ma's speech at a financial forum held in Shanghai. He openly went against China's regulatory policies, demanding changes in him to enhance the level of innovation. This appeared to be a great concern for the Chinese figures in authority. As a result, just days before it could make history with the IPO of its financial wing, Ant Group went on an unexpected IPO suspension.
Subsequently to this event, he was no longer seen in the public eye. In 2021, Ma notably skipped Alibaba's ever-important annual event, which raised many eyebrows. It was reported that he was 'missing,' which led to wild assumptions about his safety and the status of his companies. It seemed like the Chinese government was clamping down on the tech industry, and authorities began investigating firms and imposing restrictions. Indeed, in April 2021, the State Administration for Market Regulation imposed a fine of $2.8 billion on Alibaba due to issues with antitrust regulations, the highest ever issued for such a case in China.
The figures allow to evaluate Alibaba's overall growth after Ma's speech. As Indianapolis led, Alibaba's valuation fell close to four hundred billion dollars after its peak value owing to investors' fears regarding the strictness of regulatory policies.
But it's not entirely gloomy. At the end of 2021, Ma appeared again in a video conference but this time gave a talk about education, philanthropy being one of his main interests. His absence appeared to be more of a tactical cut from the public eye, with a view to taking stock and concentrating on his foundation, which aims at enhancing rural education.
Still, Ma's aura can be felt even in the technology industry without being at the forefront. In 2023, he unexpectedly visited a school in Hangzhou, where he promoted his educational projects and motivated the youth. As Ma's associates work to steer the company further in compliance with the evolving regulatory environment, history registers Ma as one more entrepreneur and philanthropist.
The transformation of Jack Ma from an idealistic entrepreneur to a considerably less visible public figure mirrors the larger problems that the technology sector in China faces. While there remain doubts about the extent and nature of his future connection with Alibaba, it appears that his preoccupations have turned to education and charity, suggesting a desire to give back to the community.