Alibaba executives called Jack Ma “low-key” and focused on hobby business and economic news
Jack Ma, who is known for his outspoken and bold remarks, has basically been out of public view since criticizing China’s regulatory system.
Jack Ma, founder of Alibaba Group Holdings, is “low-key”, focusing on hobbies and philanthropy. Cai Qiao, executive vice chairman and co-founder of the Chinese e-commerce giant Tell CNBC Tuesday.
After Jack Ma criticized China’s regulatory system last year, Beijing severely cracked down on the company, causing the financial subsidiary Ant Group to shelve a US$37 billion initial public offering and forcibly reorganize Ant.
Since then, China’s most well-known entrepreneur Jack Ma has been largely out of public view.
“He is lying low now. I talk to him every day,” Cai said on CNBC’s Squawk Box show.
Jack Ma, who is known for his outspokenness and bold words that push boundaries, stepped down from Alibaba in 2019, but continues to be noticeable in the eyes of investors.
“The idea that Jack has such a huge power, I don’t think it is correct,” Cai said. “He is just like you and me, an ordinary person.”
Alibaba was also fined US$2.8 billion in April for anti-competitive business practices due to a broader crackdown on China’s booming “platform economy” based on a technology framework.
“Our business is undergoing some sort of restructuring in terms of finance and antitrust supervision. We have to pay huge fines. But we have left it behind, so we are looking forward to it,” Cai told CNBC.
When asked about human rights issues in China, Cai said that many people in China are happy with the improvement in their lives.