The founder of e-commerce company Alibaba, Jack Ma, has stepped out of the spotlight as China’s Communist Party regime has already destroyed his billion-dollar empire.
Known as the face of Asian business, Ma has lost billions of dollars after authorities delisted him from running Ant Group.
Chinese regulators “burned” Ma’s planned list to control Ant Group in Hong Kong and Shanghai, punishing him with a record fine of $2.75 billion.
A reorganization of the share structure will mean that Ma must relinquish control of the company he founded in 2014.
Ma will hold only 6.2 percent of the voting rights, while the company moves in the direction that “no shareholder, alone or together with other parties, will have control over Ant Group”.
Some analysts have seen this move by the Chinese regime as an attempt by the Communist Party to humble a company that had become very powerful.
The regulators’ intervention came after Ma criticized China’s financial regulatory system at a conference.
“The financial system is a legacy of the industrial years. We have to create a new one for the new generation and the youth. They should reform our monetary system”, said Ma.
Ma is said to be hiding in Tokyo with his family.