The Alibaba Group cofounder has been laying low for the last two years amid the Chinese government’s crackdown on industry.
at $66.6 billion in October 2020 when Alibaba shares traded at an all-time high. Ma was formerly China’s wealthiest man, a title now held by beverage mogul Zhong Shanshan.Among the most prominent industrialists in communist China, Ma’s fall from grace coincided with Chinese President Xi Jinping firmly sticking by his controversial “zero-Covid” pandemic policies far stricter than other economic powers’ approaches.
Ma plans to cede control of Ant Group, thethe billionaire has recently refocused his energy into sustainability efforts.Ma “got too big for his britches, both in independent speech as well as in actual financial power,” Andrew Nathan, a Chinese policy professor at Columbia University,last January. Nathan said at the time Ma’s removal from prominence is evidence of the Chinese Communist Party “reasserting its absolute power.
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