Recently, news of Jack Ma vacationing in Spain has frequently trended online, and his wealthy lifestyle is enviable. However, the comment section of the video is filled with sarcastic remarks, with accusations similar to those after his speech two years ago, although the outcry is not as strong as before.
This inevitably brings to mind a question from a month after the Bund Financial Summit two years ago (note: actually less than two years): Has Jack Ma stepped down from his pedestal? Perhaps, Jack Ma's disappearance from public discourse in the past two years is the best response to this question.
In the past two years, Jack Ma has paid a heavy price for his 'reckless words.' The road to Ant Group's IPO is uncertain, Alibaba's stock price continues to decline, and its market value has dropped by more than 75% at its peak, equivalent to a reduction of over 4 trillion yuan. Meanwhile, Hupan University, which he had high hopes for, has also been closed, which is undoubtedly a heavy blow for Jack Ma, who is passionate about imparting knowledge, as it eliminates his channel for establishing top-tier business resources.
State media has also given a conclusive evaluation: There is no era without Jack Ma; there is only the era of Jack Ma.
Subsequently, the country launched the strictest internet anti-monopoly investigation in history, strictly prohibiting internet financial enterprises, introducing the national policy of common prosperity, and placing technological innovation at the core of economic development. The starting point for all of this was Jack Ma's speech.
Some may ask, does Jack Ma's speech really have such a significant impact? Today, we will review the 'Waterloo' incident that Jack Ma encountered, as well as the true reasons behind his early retirement.
There are two main reasons why Ant Group can attract such attention. First, Ant Group possesses efficient financial technology and a unique 'data pool'; big data and cloud computing are crucial to its business. Many financial institutions do not have this technological advantage. Second, banks have a mission not only to make a profit but also to stabilize the financial system. The data from banks can reflect individual user situations and feedback on industry development status, playing a crucial role in the development of corporate and government users.
However, Jack Ma's speech exposed a tendency within Ant Group: an attempt to innovate in finance and penetrate deeper into the economy. This undoubtedly raised alarms among the higher-ups.
Jack Ma has multiple identities, one of which is that of a capitalist. Jiangsu, Zhejiang, and Shanghai are his strongholds, and the internet industry is almost entirely within his sphere of influence. His second role is that of a president, specifically the president of Hupan University. This school aims to cultivate business elites, all of whom will become part of Jack Ma's network after graduation.
Two years ago, I wrote this: 'Among the internet technology companies that have developed in China over the past two decades, there are only two entrepreneurs I truly admire: one is Jack Ma, and the other is Ren Zhengfei. They have established ecological enterprises and made outstanding contributions to industry reshaping and business model exploration. Alibaba has driven the development of numerous small and medium-sized enterprises and has had a profound impact on multiple industries; Huawei has promoted the development of China's electronic information industry. Other internet or technology giants, despite their massive size, focus more on their own profitability and cannot drive the development of the entire industry.'
However, two years later, my view has changed. I believe Jack Ma's retreat may be the best arrangement. He will ultimately receive an objective evaluation, and immersing himself in nature, away from the disputes of the world, may not be a bad thing for him.
