In late 2020, Jack Ma, the co-founder of Alibaba and one of China's most powerful entrepreneurs, delivered a 20-minute speech that fundamentally changed his life and the landscape of Chinese technology.
Before this event, Ma was untouchable. He was worth an estimated $61 billion, making him China's richest man. His company, Alibaba, was a global tech behemoth, and his payments affiliate, Ant Group, handled more transactions than Amazon and eBay combined, preparing for what would have been the world's largest Initial Public Offering (IPO). Ma was the celebrated face of Chinese innovation.
The Speech and Immediate Retaliation (October – December 2020)
On October 24, 2020, Ma took the stage at the Bund Summit in Shanghai, with China’s top financial regulators sitting in the audience. Instead of offering praise, he launched a fierce critique of the Chinese financial establishment.
Ma's exact words were highly provocative:
He called Chinese banks "pawnshops" that were unfit to fuel future growth.
He described global banking guidelines, like the Basel Accords, as merely "an old man's club."
He argued that China’s financial system lacked innovation and actively stifled growth.
The response was swift, coordinated, and brutal.
| Date | Action Taken |
| November 3, 2020 | Ant Group’s record-breaking $37 billion dual IPO is abruptly suspended by the Shanghai Stock Exchange, just two days before its planned listing. |
| December 24, 2020 | China's State Administration for Market Regulation (SAMR) launches a formal antitrust investigation into Alibaba for allegedly abusing its dominant market position. |
Disappearance and Loss of Control
By the end of December 2020, Ma disappeared entirely from public view, sparking global speculation about his whereabouts and safety. The message from Beijing was clear: No one is bigger than the system.
January 2021: Ma resurfaced briefly in a video call with rural teachers, easing fears about his immediate safety, but the regulatory pressure on his empire intensified.
April 2021: Alibaba was hit with a record-breaking $2.8 billion antitrust fine—4% of its 2019 domestic revenue—for violating anti-monopoly rules.
January 2023: Ma was forced to formally cede control of Ant Group. The company restructured its ownership to ensure that no single shareholder, including Ma, could exercise dominant voting rights.
March 2023: Alibaba announced plans to split its business into six separate companies, effectively dismantling the centralized tech giant Ma had built.
The Ultimate Cost
Ma’s stubborn refusal to "tone it down"—a severe breach of the cultural rule against publicly shaming powerful officials—resulted in staggering financial and personal losses:
Personal Wealth: Ma lost approximately $31 billion in personal wealth from his peak.
Alibaba Market Cap: The company lost hundreds of billions in market capitalization.
Ant Group Valuation: Ant Group's valuation plummeted from its pre-IPO estimate of around $280 billion.
Today, Jack Ma has made a cautious return to public life, often spotted traveling internationally and occasionally meeting with high-profile figures. However, he is no longer the omnipotent figure he once was. He remains a stark cautionary tale that in certain power structures, financial success does not grant immunity from political repercussions.
The video Jack Ma Thought He Was Untouchable...Ended Up Losing $891 Billion provides an in-depth analysis of the events leading up to and following the crackdown on Jack Ma's empire.
