(PoliticalLookout.com)- The Communist Party of China has placed so much scrutiny and pressure on the business empire of Chinese entrepreneur Jack Ma that he has officially lost the title of China’s richest man. It appears to have stemmed from a speech in which he criticized the Chinese communist regime.
According to a list published on Tuesday, other business owners have enjoyed a prosperous year while Ma, who owns Alibaba and the Ant Group, has struggled.
Ma held the title of the richest man in China in 2019 and 2020, according to the Hurun Global Rich List, but he now sits at fourth place. The international business magnate and investor was beaten this year by Collin Huang, the founder of e-commerce startup Pinduoduo, Pony Ma of Tencent Holdings, and Zhong Shanshan of water maker Nongfu Spring.
Ma slipped down the list after he criticized China’s regulatory system.
Criticizing a communist regime that you’re a citizen of has never really been a walk in the park for anybody…
On October 24, Ma gave a speech at the bund. Finance Summit in Shanghai, slamming big government and business regulations in his home country.
Shortly after the speech, Ma went missing, and his Ant Group’s $37 billion IPO was suspended only days after the company was publicly listed.
Chinese regulators have reportedly tightened up regulations even more in the tech sector in China, with Alibaba – an international bulk product sales platform – receiving much of the focus. An anti-trust probe into Alibaba was launched by the Chinese government in China.
New regulations on the financial tech (fintech) sector also meant that Ant Group was forced to sell some of its businesses to a financial holding company where they will be regulated like normal financial companies.
Ma disappeared from the public eye for three months, sparking questions in global media about where he was and what he was doing. In this time, Ma’s wealth has plummeted as the future of his companies in China remains uncertain.