The founder of the PRC, Mao Zedong, once said, “Communism is not love. Communism is a hammer which we use to crush the enemy”. Walking on the coercive philosophy, throughout history, the Chinese Communist Party has advanced its ‘reign of terror in China and the World.
Communism strives to make its state the biggest producer and distributor of resources. Opposing the idea of capitalism, communism advocates the idea of ‘community’ instead of individuality. Individual labour and profits are for the state. Any deviation from the strict communist philosophy may welcome the ‘hammer’ of Mao Zedong. That’s what happened with Jack Ma, the Chinese Billionaire and founder of Alibaba.
CCP forcing Jack Ma to retire
Jack Ma, once the richest man in China, is forced to retire by the Chinese Communist Party (CCP). After the conflict with CCP, Jack Ma is seen on a Europe tour. Reports suggest that after two years of disappearance, the co-founder of Alibaba Group was seen at a restaurant in Austria and seemed to be learning about the sustainable agricultural practices in Europe.
It is pertinent to understand that in late 2020, Jack Ma was planning to launch the biggest Initial Public Offering (IPO) of his fintech company Ant Group. However, the Chinese government withheld the no objection certificate of about $34 billion IPO and increased surveillance over his companies.
The pressure was exerted on Jack Ma in the light of his critical speech on Chinese authorities in October 2020. Criticizing the Chinese authority Jack Ma said, “In China, banks still operate with a strong ‘pawnshop’ mentality, demeaning collateral and guarantees before lending, a model that will fail to fuel future growth.”
CCP started to hammer Jack Ma and his businesses
Jack’s critical statements towards the CCP became the trigger point of conflict. Considering his growth and development, CCP started to become anxious about his popularity. Afterwards, CCP started to compel him to leave the business empire which made him one of the China’s most important people.
After the conflicting episode, CCP increased surveillance on Jack Ma’s companies and started to take coercive measures against them. In this scenario, he was forced to live low and for about two years, he disappeared from public life. Although reports suggest that he was neither captured nor taken into custody. However, he was asked to “lay low” due to CCP’s regulatory crackdown against his companies.
After completely disappearing from public life for about two years, Jack Ma is now seen on a Europe tour. It seems that CCP has been successful in forcing him to take a retirement, as a recent report suggests that despite controlling 50.52% of Ant Group shares, Jack Ma does not have an executive seat on its board.
Jack Ma, who came from a humble background and rose to claim the richest person seat in China, was forced to leave his companies. Before the criticism of CCP in 2020, Jack Ma was Asia’s richest man. But, due to excess pressure and crackdown on his businesses, his net worth has come down from $44.5 billion in 2020 to $23.1 billion in 2022.
Also Read: Mukesh Amabni becomes the richest Asian, beats Chinese Jack Ma of Alibaba
Jack Ma, who failed 2 times in the 5th standard and 3 times in the 8th standard, is an inspiration for entrepreneurs. Jack’s applications for admission in Harvard University were rejected 10 times, his efforts for securing a job failed at least 30 times. Out of 25 job applications in KFC 24 were selected except Jack Ma. Despite successive failures, he did not leave his dream and created one of the most successful companies in China. He became Asia’s richest man with his knowledge and efforts despite being in a country which is ruled by an authoritarian government. In spite of all his contribution to China, he got crushed by CCP just because he did’t toe the line of the party.
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