It has been revealed that missing Chinese billionaire Jack Ma is 'laying low' after false reports that he had been detained by Chinese authorities. The allegations that Ma had been arrested or silenced gain prominence as he had made a speech in October calling for economic reform in the People's Republic of China. Many feared that this had angered the Chinese state to such a degree that they had taken drastic action against the business mogul. It does appear however, that he has been intentionally pushed out of the limelight by Chinese authorities as punishment for his outspoken remarks.
Ma has now not been seen in public for more than 2 months, he is the founder of e-commerce site AliBaba which is one of the world's largest online retailers. Ma's net worth is estimated at around $50 billion, which has decreased from $60 billion in October after a 20% fall in the share price, a fall that came immediately after the speech.
In the speech calling for economic reform, Ma accused China of having a 'pawnshop mentality' and went on to state:
"Today's financial system is the legacy of the Industrial Age. We must set up a new one for the next generation and young people. We must reform the current system."
"In the old days a pawnshop was an advanced idea. Had it not been for innovations such as pledges and collateral, there would be no financial institutions today, and the Chinese economy would not have developed over the past 40 years to such a point now."
Bill Bishop, a Chinese analyst, said that the message from Chinese authorities in pushing Ma out of the limelight is that no matter how rich or powerful you are the state will not allow dissent on this scale.
"The party has once again reminded all private entrepreneurs that no matter how rich and successful you are, it can pull the rug out from under your feet at any time."
Ma has long been a controversial figure both in and outside China, particularly due to his attitude towards both workers and their rights. Ma has long advocated a '996' approach to work in which workers work 9 hours a day six days a week. He also said that working overtime on top of this 54 hour work week 'was a blessing'.
The billionaire outlined these strict working-practices in 2019, saying:
"I personally think that being able to work 996 is a huge blessing. Many companies and many people don't have the opportunity to work 996. If you don't work 996 when you are young, when can you ever work 996? Let me ask everyone, if you don't put out more time and energy than others, how can you achieve the success you want? Compared to them, up to this day, I still feel lucky, I don't regret (working 12 hour days), I would never change this part of me."
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