Once seemingly untouchable, Alibaba founder Jack Ma has endured a tumultuous run that saw his Chinese e-commerce giant hit with a record 18 billion yuan ($2.75 billion) antitrust fine on Saturday, resolving one key uncertainty even as others persist for himself and his business empire.
The reversal of fortune for the 56-year-old Ma, who has all-but-disappeared from public view since an October speech blasting China’s regulatory system, has been striking for an entrepreneur whose transformation of commerce in China – and his relentless optimism – commanded cult-like reverence.
Ant, whose rapid growth and freewheeling lending practices drew regulatory concern about financial risk, remains subject to an enforced restructuring that is expected to rein in some of its most profitable businesses and slash its valuation.
“Entrepreneurship has to be disruptive. But being provocative to the government has its limits,” said Duncan Clark, chairman of Beijing-based tech consultancy BDA China and author of a book on Alibaba and Ma. Saturday’s settlement, he said, “should draw a line” under the matter for Alibaba.] “But for Ant and Jack, there’s no line drawn yet,” he said. Alibaba declined to comment on Ma, and his foundation did not immediately respond to a request for comment on Sunday.