Jack Ma is finally seen after 3 months of hiding. This was after the richest man of China criticized the Chinese government about the country’s bank loan system. It led to fear and panic in the individual resorting to hiding in the country. The comments made by the billionaire also resulted in a $35 billion loss for his company and the same time, halted the IPO of ANT. He didn’t say anything wrong, but things didn’t turn out good for him.
Jack Ma’s comments and outcome
Jack commented about the improperly designed lending system of the banks of China. As he said, I quote, there is nothing such as “systematic risk” in China. He also gave a famous example that explains the entire scenario. Let’s say a man borrows 10,000 Yuan from a bank, then only the man is scared. If he borrows 1 million Yuan, then both the bank and the man are scared. But if the loan is 1 billion, only the bank is scared. This actually sums up the entire problem with the Chinese banking system.
This means that it is almost impossible for small businesses to take loans in the country. A place where the bank shows no confidence in businesses taking small loans is very problematic at its core. And since ANT is providing microloans to small businesses and individuals, unlike Chinese banks, he is getting targeted. The sensitive comments made by Jack Ma resulted in the suspension of the IPO of ANT. At the same time, several rules that affect the micro-lending business of the company were made. All these things resulted in the falling of ANT’s share in the stock market resulting in huge losses. After this happened, Jack Ma vanished on 24th October and was seen just now.
Where was Jack Ma seen recently?
After almost 3 months of laying underground, the prominent billionaire was finally seen. He participated in an online ceremony of a rural teacher initiative event on 20th January. Jack Ma was seen in a video addressing the teachers in the event. This also resulted in the share prices of Alibaba close 8.5% higher. There was speculation that Jack Ma is under Chinese custody or something might have been done to him because of the comments made by him. But that’s cleared now.
The event in which Jack Ma was seen was organized by his company. It shows that his company wanted to say that yes Jack Ma is safe and not in government custody. Do note that in the video whereabouts of Jack Ma weren’t disclosed. He also said that “I promise to meet you all soon after the pandemic is over.”
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