Chinese billionaire Jack Ma reportedly 'lying low,' not missing
Chinese billionaire and Alibaba founder Jack Ma is not missing, CNBC's David Faber reports amid concerns over the tech entrepreneur's lack of visibility the last few months. It turns out he's kept himself out of the limelight intentionally after he gave a speech in October that appeared critical of China's financial regulators, who in turn shut down the record-setting initial public offering of Alibaba's sister company, Ant Group. More recently, they ordered the company to revamp its business.
Faber dismissed theories that Beijing, despite placing pressure on Ma and his businesses, had anything to do with his public absence. "He hasn't been captured, he hasn't been taken," Faber said in a CNBC report Tuesday morning, adding that "there is no expectation the government is going to move on him in some way."
Prior to Faber's report, The Wall Street Journal noted "it isn't uncommon for Chinese billionaires to disappear from the public eye for long periods during legal and regulatory investigations."
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Following the revelation that Ma is just lying low, Alibaba's shares took a leap.
