Jack Ma: tycoon who soared on China’s tech dreams grounded by regulators

Source: rawstory.com rawstory.com

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Jack Ma, the unconventional billionaire founder of tech giant Alibaba and the totem of China's entrepreneurial brilliance, has stepped out of the limelight since a Communist Party crackdown that chopped back his empire. The most recognisable face in Asian business, Ma has seen his fortune fall by around half to an estimated $25 billion after authorities pulled what would then have been the world's biggest-ever IPO in 2020. Chinese regulators torched the planned listing of Ma's Ant Group in Hong Kong and Shanghai, and the following year hit Alibaba with a record $2.75 billion fine for alleged unfair practices. A...