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Jack Ma has resurfaced from public view after months that sparked intense speculation about the billionaire’s plight that he is investigating his Internet empire.
China’s most recognizable entrepreneur addressed teachers via livestream on Wednesday during an annual event to identify rural teachers, according to people familiar with the talk. In a video of the program being broadcast online, Ma discussed how he would spend more time on philanthropy. The co-founders of Alibaba and Ant did not mention their recent run-in with Beijing during their address, which was first reported in a local blog. Ant confirmed the authenticity of the video in an email.
Alibaba shares rose more than 4% in Hong Kong. While it is still unclear where Ma is, his emergence in a public forum could help with persistent rumors about his fate while Beijing follows an investigation into the online finance titan Ant Group Co. and The Alibaba Group Holding Limited executive has been out of public view since the beginning of November, when Chinese regulators targeted Ant’s $ 35 billion IPO, tightened fintech rules, then ordered an overhaul of Ant and one in Alibaba Launched separate antitrust investigations – all in a period of days.
“Recently, my colleagues and I have been studying and thinking. We made a determination to dedicate ourselves to education philanthropy, ”Ma said in the video. “Working hard for rural revival and common prosperity is the responsibility of our generation of businessmen.”
Read more: Jack Ma calms down after Ant Group’s great performance
Ma’s attack on the multi-billion dollar corporate empire demolishes a widespread campaign to rein in a generation of Chinese tech giants that Beijing now sees as having too much control over the world’s No. 2 economy. The murmur of action against his twin companies returned home to show how Beijing has lost patience with the external power of its technology moguls, now considered a threat to political and financial stability, with President Xi Jinping awarding the most.
The government has emphasized on which company to increase its influence on the increasing limits. To Tencent Holdings Limited ByteDance Ltd. Amas Data and Direct Commerce & Media. The same month Ant closed its record IPO, published by the nation’s top antitrust watchdog warning of new guidelines against monopoly practices from special arrangements forced to collusion on the data. While Ant and Alibaba have borne the brunt of that attack since November, investors have since sold peers from Tencent to Mituan.
Ma’s standing with Beijing is unclear. In early December, the person most identified with the rise of China Inc.’s meteorite was advised by the government to remain in the country, a person familiar with the matter has said. The debate about his whereabouts began as Beijing quietly put the detained billionaires in jail immediately without any trial.
Read more: Alibaba, the world’s richest after monopoly investigation, says city
()Updates with comments from the speech from the second paragraph)