Jack Ma, who disappeared from public view in 2020, has resurfaced in Thailand. Here's how the Alibaba and Ant Group founder got started and amassed a huge fortune.
In May 2021, SoftBank announced that Ma would resign from the troubled investment fund's board of directors."Stepping down from SoftBank Group's Board, I believe, and he said to me actually, was something that he decided on his own," SoftBank CEO Masayoshi Son said during the firm's earnings announcement.
Ant Group was expected to raise $37 billion with a valuation reportedly surpassing $300 billion. But then, Ma publicly snubbed China's financial regulatory system, calling it 'an old people's club.'Soon after, regulators introduced new online lending rules that directly impacted Ant's business. Officials then said there were "major issues" with Ant's listing, and by November, the IPO was suspended.
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