“Bridle on the horse” hardly describes this orgy of value destruction. This “horse” has suffered multiple amputations, performed without finesse by the Chinese government. The Ma empire is worth half what it was 9 months ago.
The process is not over. Beijing is now doling out some of the most lucrative slices of Ma’s business to new “partners” of its choosing, including one of the most corrupt and financially shaky companies in all of China.
One year ago, Ma was the richest man in China. He was the creator of Alibaba – China’s largest tech company – and The Ant Group, the largest Fintech company in the world. His corporate empire had reached private-sector superpower status, on a par with the Western FANG-giants. Alibaba alone was worth more than any U.S. company except for Apple, Amazon and Google.
Ma was also a worldwide celebrity – the most famous living Chinese person. According to polls he was more well-known outside China than Xi Jinping. Jack Ma was Jeff Bezos, Elon Musk and Bill Gates all rolled into one. He was the front-man for the new China: