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Thursday, May 23, 2024

Jack Ma sacked from his own 25 lakh crore company


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The ownership of one of the world’s largest fintech companies, Ent Group, has slipped out of the hands of Jack Ma. Ma got sacked from his own company which he had established 24 years ago. Now, he is left with merely 6.2% voting rights in the company, which was 50% two years ago. His share in the group has also reduced to a mere 10%. In 2020, Ent Group, the parent company of China’s ecommerce giant Alibaba, was worth 200 billion dollars (16.45 lakh crore rupees). Jack had announced the bringing of the company’s IPO in November 2020, after which its worth rose up to 315 billion dollars (25.91 lakh crore rupees).

At that point, Jack was the world’s fifth richest and Asia’s richest businessman, with personal assets of 2.80 lakh crore rupees.  Now, he is at the 34th spot in the world. After bringing the IPO in, his tussle with the Chinese government took place, following which the news of Jack’s detention and disappearance emerged. Recently, it was known that he is in Tokyo.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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