Ant Group Feels The Heat

2020

Founder Jack Ma angered Beijing by lashing out in a speech in October, 2020 at President Xi Jinping’s signature campaign to control financial risks, saying it stifled innovation. Xi’s response was to have regulators come down hard on Ant, crushing it’s upcoming IPO and suspending Ant’s share sales of more than $34 billion. No matter how big you get in China, Mr. Ma has certainly learned that no one is bigger than the State.