Jack Ma has done what very few have: created multinational companies in China, lost $870 billion with them for giving a speech critical of the Chinese government’s economic policies, and lived to tell the story. After all these exploits, the fearless Ma returns to power and sets up an orchard to explore the food future of the world.
Confusion with the authorities. We have already explained to you in detail what happened between Jack Ma and the Chinese government, but as a summary, Jack Ma spoke out in October 2020 criticizing the restrictive policies and funding restrictions of the Chinese government. Ma did it at the most inopportune moment, as one of his companies, FinTech Ant Group, was about to go public and position itself as one of the most powerful financial institutions in the world.
After the speech, the Chinese government called him to order and tightened the rules on large Chinese companies, including the e-commerce giant Alibaba he founded, which derailed the IPO of the millionaire’s company. CNN experts have calculated that the famous speech directly or indirectly caused Jack Ma’s companies $877 billion in losses.
Exile of Jack Ma. The pressure from Chinese authorities between 2020 and 2021 was such that Jack Ma’s companies were stifled by regulation and Jack Ma felt persecuted. He decided to take a step back, step down from senior positions in his companies and disappear from public life, quietly leaving China. Almost nothing was heard of him for the next year. Representatives from his companies came out to deny his death and said he was healthy and out of China.
learn how to farm. During his two years away from media attention, Jack Ma worked as a teacher in Hong Kong, where he became interested in agricultural technology. He traveled to Spain, the Netherlands and Thailand where he learned about sustainable farming and food production.
After touring Europe and Southeast Asia, he settled in Tokyo, where he continued his teaching career at Tokyo College, one of Japan’s most prestigious university institutions. In parallel, Jack Ma continued his research in the field of agricultural technology.
New stage, new company. A new interest in sustainable food production prompted Jack Ma to found 1.8 Meters Marine Technology startup on July 20 in the Chinese city of Hangzhou, where Alibaba is also headquartered.
Ma retains a significant stake in Alibaba and Ant Group and uses their investment companies to fund his new startup indirectly. Jack Ma is back.
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Image | flickr (Chinese dollar US) and Pexels (Adoni Gabor)