Chinese business magnate, co-founder of Alibaba Group. Stepped back from public life after criticizing Chinese regulators in 2020. One of China's most prominent tech entrepreneurs.
In January 2023, Ant Group announced restructuring so Jack Ma no longer controlled the company. Ma's voting rights fell from over 50% to 6.2%. Ten major shareholders began using voting rights independently, no longer acting in concert. Changes came as Ant neared completion of two-year regulatory restructuring. Chinese authorities imposed $984 million fine on Ant and units in July 2023 for allegedly breaking consumer protection and corporate governance rules.
Jack Ma made no public appearances from November 2020 to January 2021 following regulatory criticism. His net worth fell from $61.2 billion peak in 2020 to approximately $30 billion by 2023. Financial Times reported Ma lived in Tokyo for nearly six months after Beijing's crackdown. He became University of Tokyo visiting professor (May 2023-October 2024) focusing on sustainable agriculture, maintaining low profile.
At October 24, 2020 Bund Financial Summit, Jack Ma publicly criticized Chinese regulators, stating banks have a 'pawnshop mentality' and calling regulators an 'old people's club' that stifles innovation. The criticism reached Xi Jinping who was furious and personally ordered suspension of Ant Group's $37 billion IPO days later. Ma was summoned by regulators on November 2. This speech triggered massive regulatory crackdown on Alibaba and Ant Group.
In April 2019, Jack Ma stated 'I personally think that being able to work 996 is a huge blessing' in remarks posted on Alibaba's WeChat. The 996 culture (9am-9pm, six days a week) is illegal under Chinese labor law limiting work to 40 hours weekly. Ma's comments came after People's Daily argued 996 violates labor law. The Supreme People's Court deemed 996 illegal on August 27, 2021. Ma later tempered comments, saying companies forcing such practices are 'foolish.'
In November 2018, People's Daily identified Jack Ma as member of Chinese Communist Party (CCP), surprising many observers. Ma famously told employees they should be 'in love with the government [but] don't marry them,' and praised China's one-party system for its stability at World Internet Conference in Wuzhen. The revelation clarified his political alignment despite his entrepreneur image.