Since his criticism of Beijing triggered a backlash against his companies and fortune, Chinese tech titan Jack Ma has had it rough, but a recent development may turn the tide.
On Friday, China's central bank announced a fine of $985 million, or 7.12 billion yuan, for Ant Group, the fintech giant co-founded by Ma that operates the Alipay payments app, signifying the end of a years-long regulatory crackdown.
However, the prolonged assault has taken a significant toll on Ma's wealth and the market valuations of the companies in which he holds stakes.
Alibaba, the flagship company he co-founded, has seen its market value decline by 45%, or $620 billion, since its 2020 peak, according to calculations by Bloomberg on Sunday.
Ant Group is currently valued at approximately $78.5 billion, a 75% discount from its $315 billion valuation in a cancelled IPO before Beijing's regulatory enforcement in 2020.
According to Bloomberg's Billionaires Index, Ma's net worth has decreased from approximately $61 billion in October 2020 to $34.1 billion as of Monday, as a result of the $850 billion reduction in the valuations of Alibaba and Ant.
On a personal level, Ma has kept a low profile for over two years.
After delivering a speech in October 2020 in which he criticized China's financial regulatory system and claimed Chinese banks operated with a "pawnshop" mentality, Ma incensed Chinese authorities. His statements prompted a regulatory crackdown on his businesses, including Alibaba and Ant, and a wider crackdown on tech companies in China.
He was spotted in Bangkok in January, where he dined at a Michelin-starred street food restaurant and witnessed a Muay Thai match. He appeared in Hong Kong during the same month.
In March, Ma returned to the institution he founded in Hangzhou, eastern China, his hometown.
He was named an honorary professor at the University of Hong Kong in April. In May, Ma began teaching in Japan, one of the first public roles he has assumed since 2020, when he disappeared from the public eye.
Ma attended the championships of the Alibaba Global Mathematics Competition in Hangzhou, where Alibaba is headquartered, last month.
The news of the punishment boosted Alibaba's share price in Hong Kong by 3.1% to 86.90 Hong Kong dollars at midday. On Friday, the company's shares in New York closed 8.1% higher at $90.55 per share.
