Business Maverick: Jack Ma escapes Beijing’s crosshairs by giving up his power

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The Alibaba co-founder is taking a weeks-long tour in Europe after largely disappearing from public view for almost two years, adding to signs that China’s government is easing pressure on the entrepreneur as he steps back from a business empire that ...

off the Spanish island of Mallorca, according to reporting by Bloomberg and local media.

Ma has had to make significant concessions to get out of the government dog house. After regulators torpedoed Ant’s hotly anticipated initial public offering in 2020, the companyoperations to comply with tighter controls and have discussed regularly with the country’s central bank how to “rectify” operations. In its early years, Ant’s success in services like digital payments and money market deposits threatened the dominance of major state-backed banks.

 

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