This podcast episode explores the impact of Jack Ma's 2020 speech on the Chinese government's crackdown on the private sector. Ma's speech, which criticized China's financial regulations, resulted in the suspension of Ant Group's IPO, a raid on Alibaba, and a $2.8 billion fine for antitrust violations. Ma himself disappeared from public view, and his speech is seen as a watershed moment in the Chinese government's crackdown on the private sector, which has also targeted other tech companies, real estate developers, and private tutoring companies. After a year-long absence, Ma recently returned to China and Alibaba announced a major restructuring that will see the company split into six different units. This move could be seen as a way for Ma to distance himself from Alibaba and reduce his exposure to the Chinese government, but it also coincides with increasing pressure from Beijing to reign in the tech giant.
