How China Lost Patience with Its Loudest Billionaire

The sudden cancellation of Ant Group’s IPO shocked investors, but Beijing's slapdown of Jack Ma was years in the making. And Alibaba and Ant aren't the only tech firms under scrutiny by Chinese regulators.
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[@business]

Sign up for our weekly dispatches from Beijing in the Next China newsletter: bloom.bg/3wXeZys

[@yhzh755]

Why would we proletariats have sympathy to capitalists? They have exploited enough from us, and it's time for them to pay.

[@Ali.abb17]

@@yhzh755 you’re so woke

[@jbetfifty5904]

@@yhzh755 we should have basic human compassion to everyone. Treat all as you want to be treated

[@lawngaiyi]

His head?

[@EuroTravChannel]

Oh yeah? What happened to Meng Wanzhou? The West lost patience with non White success?

[@bigfoot131]

In short Jackie Ma was humbly reminded he is in China.

[@mohamedghaleb6593]

Hubris has no borders.

[@Wah1d145]

Yup where elites can't rule over the majority

[@pettypractice7872]

No he got humbly reminded that he can't mask a what is essentially a bank as a tech company

[@reithreithreith]

@@Wah1d145 lol the problem here is thinking that people in government aren't elites as well. The problem is only the government can be elite.

[@JackIsNotInTheBox]

Can't get that sweet sweet chinese money without following regulations.

[@salvinsam]

Jack Ma: Money is power CCP: Power is *POWER*

[@die1mayer]

Mao: Power grows out of the barrel of a gun

[@souffled]

What kind of English is that? :(

[@DarkAraque]

Reminds me of games of thrones

[@jonathandlc1518]

Laugh in Cercei Lannister

[@F15ElectricEagle]

@@souffled - It's Cercie Lannister English. Jeez! You must have been living under a rock.

[@grandysong]

"Woking from 9 to 9, 6 days a week is a blessing" is what he said. He actually forced his workers to do that. Because if you don't do that, someone else will. Then you are fired.

[@salemyaslem9792]

that mean they work 12 hour a day and 72 a week? I hope they pay well

[@jaddytheteenblogger]

Well he isn't wrong.

[@8XHuXBgkok]

What an exploitative capitalist! Workers of the world, unite!

[@Degenerate_Chimp]

@@jaddytheteenblogger slavery is wrong.

[@danhdao7417]

Just think about how asian use the culture of dedication like Japan or China as a philosophy to brain wash people, telling them not to lazy so they can manipulate to exploit and milk people easier via contracts and their fanacial problems, this is the look from 3rd person. You would feel nothing if you were a part of their community, it's just another usuall days for these people, work hard and die early, as long the money is worth to their life, they will keep risking their life, like Squid Game on Netflix. After all, industry is a monster, and the monster is stronger with CCP buff.

[@gavecunningham1204]

"Working from 9 to 9, 6 days a week, is a blessing." - Jack Ma Yes he really said that. He might be one of the richest in Chinese history, but people will remember his name differently.

[@nobody4y]

Make me rich wagy

[@chenjon4808]

yes, he did say that, and in china ali has a code name as blessing factory for that words.

[@CloudKXII]

Didnt he later said he doesnt support this idea but respect the people who chose to do it ?

[@nolongerhuman9809]

For him,brute force his way toward success is the only way he can actually achieve his success,in his early days as a ceo,the market was very volatile,so there is no rest for him and his group,the same goes for other big companies around the world at that time

[@marcelohendrix6139]

@@nolongerhuman9809 how do think billionaires get to be billionaires

[@theuniversewithin74]

Chinese authorities fining Alibaba for monopolistic conduct is beyond ironic. EDIT: Come on all you CCP mindless drones. Defend your dictatorship for all it's worth.Gimme your best shot.CMON! 🤗 ❤️

[@brucezhang211]

what r u talking about, ali and tencent are toxic, they r even less well recieved than fb

[@gj6480]

@@brucezhang211 probably bit not sure Chinese government are best place to criticise

[@maxbreeze4861]

Ma tries to engage loan business without financial institution license. The business model would potentially harm the benefits of general public. Alipay also cuts the corner of foreign exchange procedures in China. It is all about law compliance.

[@Blindswordsman1994]

@@brucezhang211 nonsense. These companies are well revered in China. It’s only now that people are hating on them cos the communist party taught their citizens how to hate

[@coldstring5646]

He was building an unsustainable business model. They were trying to avoid a second subprime mortgage crisis.

[@boyihu5209]

Lol. Trying to find Jack Ma by knocking an old door of an apartment because he used to live there. Of course, with his wealth, we expect to find him living in an old condo with neighbours above and below, and also no security so that reporters can knock on his door.

[@JohnHu1986]

I know right?

[@r3dpowel796]

Imagine getting loan from apple and microsft instead of the official banks.. thats what the whole problem.

[@xiaozhang5433]

LOL and calling him by his birth name "Jack"

[@antlvk]

Bloomberg are funny....

[@lovealways2609]

Jack has got a giant brain.. GIANT BRAIN folks need to be appreciated and allowed to explore all options by their respective Governments

[@burningmanmike]

“The nail that sticks out gets hammered down.”

[@alexdasliebe5391]

Compared to “the squeaky wheel gets the oil”

[@Pppp-yf4lj]

Someone has been watching Tokyo drift

[@BobLoblaw23]

@@Pppp-yf4lj lol its an old japanese proverb. Tokyo drift didnt come up with it 🤣🤣🤣

[@ghost_ib9928]

@@BobLoblaw23 they even say so in the film itself

[@user-fx8xp8um1o]

枪打出头鸟

[@kinghassy334]

"Bend the knee or be broken" is pretty much how all power works, the problem is who controls it. In China it's politicians, in the US it's corporations.

[@demanhemzelf4431]

Eh there is a nuance, really simplified. In the USA u have loud opposition of corporations (communists, socialists, social democrats are all open). In China u arent allowed to oppose. And don’t forget tiannemen square. Nothing of that caliber ever happened in the Usa in modern history

[@kinghassy334]

@@demanhemzelf4431 I guess you're right but also the opposition in the US are only allowed as long as they are ineffectual. It's like how Putin allows opposition parties to oppose him when everyone knows they have no power. But you're right that in china you don't even have the appearance of opposition

[@astorytotell5019]

💯...

[@SharukhSaifi]

In US its lobbies

[@piergiorgio919]

​@@demanhemzelf4431 Were assange or snowden allowed to oppose? The system is rotten globally and equally

[@metalfly.]

There's a fundamental difference between how China and US operates. In America, Money gives you Power; in China, Power gets you Money. No matter how wealthy you are in China, without the political backing you are nothing. Whereas in the US, no matter how capable you are as a politician, without the support of major donors to finance you, you wouldn't get very far either. Although another key difference is the one party system vs. multi-party, in China, if you lose a political battle you often find yourself in jail or losing everything you built; in America losing one battle usually just means you need to prepare better for the next one, they don't look to end your career.

[@bestintentions6089]

Yes in China all money and real estate belongs to communist party and can be confiscated upon any whim of some of its members. Why stock market is bad investment there

[@axelpatrickb.pingol3228]

@@bestintentions6089 I mean, if you're a foreigner the PRChinese won't even allow you to invest in there...

[@arbynChief617]

Yup. America is the land of second chances. Get beat, pick yourself back up and make a name for yourself. Even with the flawed structure of “more money=more power”, anyone can become rich and powerful. With China, you make a mistake and its off to the gulag. Everything in your life is dictated by bureaucratic elites and your only way up is not crossing them. Much less opportunity.

[@benjaminlam1585]

@@bestintentions6089 There is basically no stock market in China with the exceptions of maybe some very large multinational companies and the money and real estate dont' "belong" to the CCP. Anyone can hold it similar to America, you just dont "own" 'it

[@bestintentions6089]

@@axelpatrickb.pingol3228 it’s a Jail and not a country

[@meganoobbg3387]

Being a businessman and saying "i hate regulations" in a summit in Shanghai, is like saying "i hate guns" during an NRA meeting in Texas. You cant really expect applause.

[@larryxiang822]

its worse though. The NRA doesnt have the power to take everything away from you.

[@osamabinladen824]

Meganoob BG LOL 😂

[@kyll5552]

在美国不同

[@MONICAANICA]

He said... I hate regulations of yesterday

[@48grainsoffreedom]

@@MONICAANICA but chinese administrators heard "I hate regulations". They stopped their hearing at regulations. The rest doesn't matter to them.

[@Caydiem]

Kinda ironic that Tencents first product was a scuffed ICQ online-messenger.

[@Tekape]

why is it ironic?

[@niklaskeller4794]

@@Tekape Because that was the Start of the Facebook Monopoly too

[@MisterFoxton]

Sounds more like a coincidence, or a smart catalyst at the time.

[@dotnet9830]

did the irony leave the room?

[@tcccmno]

He has this huge round head with a small face. Mesmerizing!

[@Multiroester]

LITTLE BITSzzz

[@darthmummy7889]

Money can’t buy you a normal head

[@tcccmno]

@Tron It's fascinating to look at. In a weird way hahah

[@yuyah7413]

@@darthmummy7889 plastic surgeon: oh, hello there

[@bogslut]

basically Mandark from Dexter's Lab?

[@brianuyungele1583]

I burst into laughter when I saw him knocking on that old apartment door. do you really think there's a chance that he lives there? Out of so many mansions he has? And you ask "Jack, are you there?" in English. Jee

[@the7thseven873]

Haha for real.

[@garychen7375]

He got an mansion in lake placid New York, I guess they will have a better chance if they knock the door there instead of flying to somewhere ten thousands miles away

[@insert_username_here]

To anyone who comes across this reply thread, please do not reply to the bot above this reply. Just report it, and continue your day. Edit: the bot comment above mine is no longer there, so this comment can be ignored. I'm 7 months late though, but oh well.

[@anotheryale28]

Jack can speak decent English

[@arbs3ry]

Yea, no way he lives in that apartment with such gloomy narrow aisle. And no body guards? I bet that apartment was where the man who knocked the door lived.

[@terryhan]

you think Jack lives in an apartment like that? you just knock on the richest man in china's door and figure ok he's not home

[@vbrvideoproductions4643]

Yeah, that was pathetic journalism!

[@ironmantis25]

To think a guy worth 50+ billion dollars live in an apartment, and an apartment you can casually knock on the door, is ridiculous.

[@atulyadav3197]

@@vbrvideoproductions4643 Journalism in China, LOL. You know that was just for camera.Right.

[@derangedgod4440]

Oh please, as if there wasn't lobby security on his building... 🏢🙄

[@Passions]

Most likely the journalists own apartment LOL.

[@hxxro9950]

US: Money is power China: power is POWER

[@shamsulhaqramzi378]

Hahahaha

[@GabrieleirbaGabrieleirbag]

control is power

[@vinhtranvan3755]

@@GabrieleirbaGabrieleirbag power is POWER

[@GabrieleirbaGabrieleirbag]

@@vinhtranvan3755 power is control, control is power, power is power, power is money, money is power. jesus so many of them.

[@Yummymarshy]

Ur bloodline is power

[@wrightmf]

"bend the knee or the knee get broken" is like "an offer you can't refuse"

[@ClemensAlive]

When a chinese Billionair talks agressivly on a big stage - I instantly get Cyberpunk vibes

[@NellieKAdaba]

🤔

[@alexmoore432]

How I laughed !

[@yl128pang3]

Chinese government just prevented a "2008 Lehman Brothers style of financial" crisis by stopping the IPO of Ants Fintect. Only the greedy, selfish Capitalist and politicians close one eye and let 2008 Financial crisis to happen and did nothing to prevent it, and put the blame on Lehman Brothers.

[@adityashukla5102]

you mean broken

[@officialunitedstatesofamer2944]

@@yl128pang3 Okay, “Pang”.

[@sunnyking8881]

In the US, Billionaires control government😂

[@nanezferrer3565]

not in china hahaha

[@noishfanboy1141]

strange isnt it that in the us billionaires control the govt. but in china the govt. controls billionaires

[@sunnyking8881]

@@noishfanboy1141 Yep, I'm confused. But as a citizen, I think a government should work for people, not billionaires

[@Zunken12]

50 cent army spotted

[@vonn1334]

@@nanezferrer3565 this is why China will be the first giant to collapse.

[@annieshi-sansom9475]

He hasn’t learnt a thing from the 2008 financial crisis as irresponsible lending is exactly what he is promoting in China. He knows if he create a financial crisis in China, it’s the government who will have to pick up his mess!! He said that the regulators acted like “pawn shops” because they want you to put actual collateral on the line for the astronomical amount of money he wants to borrow!! Isn’t that what called responsible lending?

[@tensevo]

The CCP regime will fall, will see to it.

[@huhan100]

From what Ive heard, Jack Ma’s new Ant Group was trying to offer a financial service with effects very similar to subprime mortgage. It had the potential to cause a economical issue. This was the reason that the Chinese government suspended its IPO

[@thundersharkpanda]

If the CCP didn't intervene it could literally create the next 2008 financial crisis. So yeah suspending the IPO was definitely the right call, although it was just done in a rather "Chinese fashion."

[@temodeart]

I am more worried about the mental health of the guy who expected to see a billionaire by simply knocking his old apartment's door while calling him Jack than Jack Ma himself.

[@notmuselk6690]

hes probably a friend or so

[@EBH-ip3nr]

I JackMaSelf

[@Mally620]

Time stamp?

[@namelessguy199]

Jack is not a royal, he is just a civilian, a rich one, u can call him whatever u want

[@gwho]

what are you even talking about

[@lohitpeesapati3846]

They were scared of A.I (Alibaba intelligence)

[@leagueoflegendrankednormal6387]

I like ya cut, g. I have a tattoo of L

[@chaldean7043]

😂 They where afraid of him reaching singularity and self-consciousness 😂

[@cybercomets7260]

lol

[@sea2959]

yeah of course....we, on the other hand, are afraid of the communists, who by my account should be here already. I guess they are kayaking all the way from Russia, and they have paddles

[@navegantezen5983]

Intelligence? Or scoundrel?

[@haesung2148]

look at what they do to 'their people' and imagine what they would do to 'not their people'.

[@Spumoon]

The Obamas' American Factory documentary lets us glimpse into the future. They're already buying factories here and installing foreign management.

[@ellusiv5121]

you don't have to imagine

[@wolfpackgames4674]

they'd do nothing to "not their people" since no one will allow china to get close

[@alexp8785]

Regulating companies is something evil now?

[@ys2b712]

@@alexp8785 Check ur facts bruh

[@rat_koon8198]

10:25 Respect to the reporter doing his research and pronouncing these correct.

[@hchan4301]

did Bloomberg send a comedian to knock Jack's door? that's soooo funny

[@iamaku09]

😂

[@dragonel88]

7:18 "he didn't read the room very well", i think he did read the room very well and he start blasting anyway.

[@liquidtunes]

Danny Devito so anyway I started blasting.jpg

[@Seankafor]

*M•e•s•s•a•g•e* WHAT**SAPP+ *+•1•(5•1•8) •4•6•0•5•2•7•9 *Morė* *Guįdė* *I•••A•P•P•R•O•V•E•••HIM•••HARRISON ALEX* *B•E•S•T•••C•R•Y•P•T•O•••C•U•R•R•E•N•C•Y•••M•A•N•A•G•E•R* *B•E•S•T••••S•T•R•A•T•E•G•I•E•S*.?

[@chekweitan]

it is possible Ma know the IPO is going to get suspended, so he criticize the government as his final shot to save the IPO.

[@I9s7lam5is-S3tu1pid]

True dat.

[@complexitytr9098]

The comment i was thinking of.(main cmt)

[@JohnVAsiaTeacher]

Is it so terrible that giant private corporations are regulated? In the US they're not and a few people were able to legally cause a huge recession in 2008 for their own profit.

[@dustywaxhead]

Private business runs our government in America. We need to learn from Chinese about capping big business and making them work in the interest of America. CCP are better Capitalists than US Gov

[@JohnVAsiaTeacher]

@@dustywaxhead I worked and lived in Northern China for several years. Regulated capitalism isn't as bad as the western media and politicians make out. It simply prevents a s,all group of people from destroying the economy and becoming more powerful than the government elected by the people. We already know where the next recession and stock market crash will come from.

[@Crizakafrijolito]

Had he waited for his ipo to become public, he would have had more influence I would imagine

[@clairessaffeirwelling9330]

and more risks we could imagine, take finacial crisis of 2008 as an example, that's why he must be a goner.

[@royalmontpark]

Yep, he got inflated. His idea of using a helluv leverage to create huge credit bubble in China is DOA, China won't allow that. 2008 economic crisis well learned.

[@tensevo]

CCP regime is failing, which is why it is becoming so totalitarian. Always happens before the fall of empire.

[@Trayten_Moriah]

Alibaba's monopoly fine was mainly due to the “choose one of two” rule: if a merchant wants to sell something on Alibaba, they were forbidden by Alibaba to sell something on other platforms.

[@pr0newbie]

@@aaronwestley3239 Yup. Anti-trust basically. Same as what small businesses complain to the US Gov about Amazon. But nothing effective has been done.

[@GhostEmblem]

Not only that but the way they described Ant made it seem totally justified they came after them with regulation.

[@milan.2412]

@@pr0newbie exactly. This is a big deal because we can't fathom our government doing this to Zuck or Bezos. Facebook and Amazon will face a similar reckoning.

[@pr0newbie]

@@milan.2412 While I don't believe in the communism the soviets and chinese practised in the past, what that did was create competition for liberal democracy and capitalism. It made sure capitalism provided a higher floor for the 99% thanks to labour unions and pensions, and a low ceiling on the elites like CEO pay. Hopefully China gives the elites of the world a run for their money and that they start serving the people that contributed to their wealth.

[@moviesjean23]

Seriously?

[@RokeJulianLockhart.s13ouq]

Many private rich individuals forget how powerful even the smallest government is.

[@Ivd599]

I'm surprised Ma did heared the old proverb of "the nail that stick out get hammered."

[@Madame702]

No Sung, Jack Ma was part of faction that was trying to depose Xi Jinping.

[@NotCthulhu]

bing chilling

[@sarmadbaloch432]

The most funniest thing is that they didn’t find the china’s billionaire in his old apartment 😂😂

[@mist9385]

He is spending his holiday in 5** Chinese prison

[@Mortum_Rex]

@@mist9385 I hope so.

[@edvfya9922]

@@Mortum_Rex Why?

[@albiesheng6216]

Made my day, lol.

[@MrKumfo]

poor English. You either say "the most funny" or "the funniest" not "the most funniest"

[@SerendipitousProvidence]

I laughed my arse off when I saw the guy knock on an old door of a somewhat run-down apartment as if he lived there, to top it off - he even calls him by his first name as if they were childhood buddies. Trying to impress us lol.

[@JackIsNotInTheBox]

When the network tells you to record a clip, you do what you gotta do to get paid. I even saw a guy interviewing a homeless man just to get an interview on air.

[@googlebanmetoomuch2601]

🤣

[@shikharashish4839]

@@JackIsNotInTheBox but if jack is not in the box, where is he?

[@jerrywu5797]

That’s also funny. We all know that he’s not at his apartment for sure, because this abrupt IPO suspension drove major investors and the board of ant crazy - basically he broke the financial freedom dreams of lots of people. This is basically the funniest piece in the video.

[@evm6177]

🍷😆.. LOL , Sorry Jack Ma just left the building. Try the golf course or the resort.

[@skillo6399]

12:20 they might not have killed him, but that's the look of a man who isn't living anymore

[@klefthoofrobert787]

He was sent to one of their camps for "Re education" :)

[@youarenotassmartasyouthink5587]

In China billionaires can’t just pay lawfirms to bend the rules. They just get regulated. And that’s the same behavior these companies show on the market. They crush small upcoming businesses with their monopolies. I think it’s awesome.

[@jacobgagnon1820]

@@youarenotassmartasyouthink5587 lol no bro its always politically motivated. Ccp is mad corrupt all around.

[@60-second-HACKS]

"Bend the knee or get broken." In the US, that conversation goes the other way. The IT behemoths say to Government: "Bend the knee or get broken."

[@rayleeaustralia]

When Ccp supports you, you can do anything. Then he thinks he's smarter than them

[@willengel2458]

Jack Ma was merely the front man. do you think he can come up with the scheme?

[@dongster529]

@@willengel2458 What scheme? You mean like how the CIA funds every potential tech startup in silicon valley? Oh please, as if China was that advanced in 90s, risk takers like Jack Ma would never had even gotten on the scene, that guy couldn't even get a job in the competitive civil service so he had to risk it and start in business.

[@ok-xo7rm]

Lol

[@hyoo5309]

某麻花藤可活的好好的，况且如今的中国首富大家都还念不出他的名字以为他是卖矿泉水的，却追着一个退休了五年的杰克马哔哔来来

[@aportfolio8324]

@@willengel2458 if he wasn't before, he is now. That dude vanished and got "re-educarted." haha that's just the CCP doing it's mafia thing again haha

[@krealyesitisbeta5642]

Jack ma: “Perfection isn’t here in China.” Chinese government: “Neither are you.”

[@alexd9597]

He is a bit of a knob. But i think i dislike winnie the pooh more

[@jaeemulhossain7597]

jack ma's social credit: -690000000

[@Racko.]

CCP to Jack Ma: -50,000 points

[@xuli134]

Well, it is better to remind everyone what he did. Jack Ma forces his employees to work for 12 hours a day and six-day a week. in a presentation, he nominated that as an ’awesome reward‘ since his employees can earn more. This has now been widely accepted by all the Chinese private companies and is currently torturing generations of Chinese young adults......

[@TYrone597]

yes, it is disgusting and should not be normalized.

[@KC16A6]

I'm definitely NOT advocating slavery, but he adopted the CCP's business model... the CCP cracking down on monopolies and bullies... what a joke !

[@sebastian-iz7zc]

Well you know he isnt forcing anyone, if you dont like it, dont work there huh?

[@TYrone597]

@@sebastian-iz7zc i think it is not that simple because knowing chinese culture, you can be labeled as lazy or a quitter by society for not being willing to work horrible hours like everybody else. There is discrimination

[@icebox1954]

@@KC16A6 Any government is a bully. Ultimately, power is everything. You are bullied or coerced into laws you might not agree with by people who choose what happens with you and your freedom of movement is restrained by rules you weren't consulted on. Your criticism of the CCP is pretty dumb. It's a government's job to make sure people don't create monopolies and chokehold the economy. The CCP is actually doing the right thing here.

[@echog154]

When a company goes monopoly, it will put the people's interest last. If the capital controls a country's decision making, it will also put the people's interest last. US has shown the world that, so the world needs to learn.

[@dustywaxhead]

China is BASED

[@funnybones5926]

Jack Ma: I tried so hard and that so far, in the end it doesn't even matter.

[@josron6088]

Nice Linkin Park quote. LOL.

[@funnybones5926]

@@josron6088 😁

[@truthboom]

well the money he got does matter

[@mukamuka0]

Money is useless when he get locked up in underground dungeon

[@karasheep]

Why is this comment audible?

[@grapplerke]

Jack Ma thought he could be like Bezos in America

[@F15ElectricEagle]

He forgot China is not America.

[@MultiTHEJOKER]

@@F15ElectricEagle like it’s paradise America is even worse

[@crfishstick2953]

@@MultiTHEJOKER what?

[@khein2204]

Don't forget that jack ma also a ccp official

[@micheal5117]

@@MultiTHEJOKER what

[@selimbennouir6238]

I’ve noticed that on his platform he takes over most of the supplier advertising space which makes it harder and by the way regulations means finding the middle ground to avoid discrepancies which he doesn’t seem to pay attention to or even care about, and this contradicts most corporate business standard

[@NazriB]

Lies again? Loyalty Bonus

[@IronWillTV]

Me during the first 15 seconds: "How China Lost Patience with Its Loudest Billionaire will remain Unsolved..." (wheeze)

[@andythomasdev]

Haha I knew I recognised that music from somewhere...

[@BugattiBoy01]

?????

[@maheenahmed2631]

As soon as I heard that music, I thought I had clicked on a BuzzFeed Unsolved True Crime video

[@Seankafor]

*M•e•s•s•a•g•e* WHAT**SAPP+ *+•1•(5•1•8) •4•6•0•5•2•7•9 *Morė* *Guįdė* *I•••A•P•P•R•O•V•E•••HIM•••HARRISON ALEX* *B•E•S•T•••C•R•Y•P•T•O•••C•U•R•R•E•N•C•Y•••M•A•N•A•G•E•R* *B•E•S•T••••S•T•R•A•T•E•G•I•E•S*.?

[@r3dpowel796]

Imagine getting loan from apple and microsft instead of the official banks.. thats what the whole problem.

[@italkalot8876]

Underrated comment

[@jjcoola998]

Instead in America we can get payday loans at 500% such a superior system for the average working class person

[@tiktok_life4tech]

You got it.

[@goldylocker]

I do not see anything wrong with limiting monopolies expandature, and allow others to compete. Monopolies, among other things, can become inefficient, they can cause abuse of power, low payroll, high cost products and low quality of service and product. Basically the little guy has no choice, take it or leave it situation.

[@comatose3788]

It's not limiting monopolies .. it's no monopolies at all. Think everyone world wide understand that all too well. There are to be no monopolies is the law world over.

[@aredzarep5320]

Well this is where you have communism putting a leash on capitalism. Much better than democracy will ever be able to do so. Once it loses purpose and benefit for people. Exactly what it should do. This is hard to understand for someone on the west as people are just used to capital doing what ever it likes including takeover of all political institution that should serve public not a corporations.

[@lukehua5989]

money is not equal to political power in China.

[@GodKing804]

Communism is cancer

[@thetruthalwaysscary]

@@GodKing804 lol..China has 800+ billionaires and over 1000 millionaires created daily the last 10 years. This is a huge issue for western powers that they started a media war. Communism China is less communist than any western countries. Reality hurts. In China there is a one party system that is called "communist", but it is a functional Confucianist dictatorship. Go to China travel a little and unless you are blind and deaf you will understand all the BS you are fed from media is just BS.

[@GodKing804]

@Asia Asia cure for cancer? Where is it? Must be huffing those factory fumes 🤣🤣🤣🤣

[@TheRockkickass]

No, it’s based on how brainwashed you are

[@TheRockkickass]

@@thetruthalwaysscary China absolutely has not created 800 Billionaires a day for ten years. China currently doesn’t have 800 billionaires total. You’re actually a waste of oxygen.

[@ravikantsolanki5707]

It seems he has reversed his own ideology, "Be the lover of government but don't marry them". He got married and suffered domestic violence at last!

[@sabrinaxg3607]

if he has no family maybe he could tell more real exciting stories about his life and his empire. but he got family so he can't be the man he wanted to be.

[@poetbill9668]

The core reason is: in China, a businessman can have a lot of money, but he can't have too much power, especially he has too much control over national policies. Ma Yun's influence on the country is too strong, so he will almost certainly be weakened

[@troyzelf]

not that complex. he just cant hold his greedy on money - if you have any knowledge of his loan business - besides, his ambition expanded infinitely, even tried to change china's banking industry. thats madness

[@yottaXT]

@@troyzelf Once the CPP tell you his busines is bad, you have no choice but to think that it's bad, right?

[@troyzelf]

@@yottaXT and next time, plz learn some fcking knowledge and truth before you open your mouth and judge. we have problems in china but its not the so called brainwashed one, its the problem between people and capitals, its the problem between justice and corruption

[@trouble5085]

Looks like even the Chinese got freaked out by his alien head.

[@raspberryPi1337]

"keep it low" the ccp asked Jack ma calmly

[@patrickt6227]

The end of the day...the Chinese government has the final say...and is "bend the knee or get broken" -Stannis Baratheon/Chinese Government

[@50nerds]

It’s the opposite in the US, the corporates and Wall Street has the final say. US politics and politicians always work or bend their knee for corporate interests.

[@xiaomose7495]

@@50nerds well said. US is just like a giant corporate that several smaller corporate(apple Google etc, comparing to US overall economic size) works together to manage it

[@jp95js]

“Resolutely uphold the core position of General Secretary Xi Jinping!”

[@r3dpowel796]

Imagine getting loan from apple and microsft instead of the official banks.. thats what the whole problem.

[@robbieaulia6462]

@@r3dpowel796 "USA is the land of freedom. This ad is brought to you by GM, Microsoft, Apple, ExxonMobil, and other more corporation.'

[@ermytanio7111]

Jack Ma: there is something wrong with the financial system in China CCP: The Earth King has invited you to Lake Laogai

[@rupertgarcia]

I- 😭😭😭😭

[@diabl2master]

Hahaha exactly

[@divertiti]

Nah he's doing what Uber is doing, participating in a industry without obeying to the rules of that industry

[@Seankafor]

*M•e•s•s•a•g•e* WHAT**SAPP+ *+•1•(5•1•8) •4•6•0•5•2•7•9 *Morė* *Guįdė* *I•••A•P•P•R•O•V•E•••HIM•••HARRISON ALEX* *B•E•S•T•••C•R•Y•P•T•O•••C•U•R•R•E•N•C•Y•••M•A•N•A•G•E•R* *B•E•S•T••••S•T•R•A•T•E•G•I•E•S*?

[@andykeri8370]

Nobody is allowed to to start any business without the blessing of the CCP. So this guy just got cocky ,needed to be reminded who is the Boss.

[@basilthp]

China is doing the right thing. Its in best interest of the people to keep billionaires inline.

[@erickariuki6842]

It's like Amazon starting a mega financial institution and try to call it a fintech company. And also 98% of loans it provides to be covered by the Federal banks

[@gryff8400]

Sound like the Wirecard company... A fintech hiding a massive finance operation...

[@gold9994]

@Chukey They should be stopped, at all cost

[@MyWickedSmile]

Jack Ma's Famous Quote/Pearls of Wisdom for Young People in China (2020 Version): 1. "Who are you" 2. "What are you guys doing" 3. "Where are you taking me"

[@robbieaulia6462]

"To the Uyghurs -concentration- reeducation camps" -Soldier of the People's army

[@nomennescio3677]

@@robbieaulia6462 did you ever been in Xinjiang?

[@workerworker7961]

@@nomennescio3677 Logical fallacy. By same logic you can ask “Did you ever been to concentration camps in Germany?” to someone reading the newspaper in 1945.

[@nomennescio3677]

@@workerworker7961 you know difference between that two things are i have been in Xinjiang and i didn't see any genocide back in 2019 when i have been there.

[@workerworker7961]

@@nomennescio3677 Do you know how big Xinjiang is? Have you covered every single area and visited every town, village, city? You show that you have a Westerner mindset: you think that if you visit a town in a region of the world, that you know that region of the world well and can say to anyone “I know everything about that place”.

[@virgentina4757]

Thank you so much everyone especially Dlbaba thank you so sir

[@mottbox]

I find it hard to even believe Jack Ma isn't just an actor. He's so unintelligent it's shocking.

[@dypes26]

Jack bought into his own hype and absolutely created his own reality.

[@bestintentions6089]

Chinese regulations have helped him create it and they have taken it away from him

[@vueport99]

All Great leaders do this. Look at Steve Jobs. He had his own reality

[@Mrbfgray]

The CCP cuts down *anyone* who becomes too powerful and says something slightly off the party line. Actresses, KZbinrs, etc.

[@bestintentions6089]

@@Mrbfgray and then they will turn around and parade it as more fair than ugh in europe or america, because you know chinese state ego is so fragile.

[@Mrbfgray]

@T teg Egg Controlling the narrative and (unfortunately effectively) controlling the conclusions common ppl believe...like COVID started in the USA! Apparently the ppl believe that racket.

[@zhangspring3314]

"Because Alibaba only funded about 2% of these loans, and the rest of those loans were securitized by the state banks, they took on the big risks." Don't you think it should be controlled?

[@cryptomorty7290]

yup it should be. But because it is not US, these western propaganda machine will sell it like they want.

[@KnarfStein]

That's one aspect of Ant Group that I absolutely agree with the Chinese financial regulators on, because companies shouldn't be able to have their cake and eat it too. HOWEVER, let's not let one detail of the story obfuscate its overall reporting, which is that the CPC state doesn't like a non-card-carrying individual becoming so powerful.

[@rap3208]

@@KnarfStein Bull. They encourage everybody to be succesfull. I once read of Deng Xiao Ping saying this, because when one succeeds, you know the saying, "A rising tide lifts all boats"? When a company succeeds, it adds to the betterment of the economy. There is only one the chinese government asks, don't do anything against the government.

[@megthornton1371]

It sure needs to be controlled We have enough of that in the west. We need a rising tide that lifts all boats We can see the damage by big tech in the west

[@TheOne30264]

It's the same in every country. If you're rich, you think you can control the country. I guess they shut Jack Ma down in this case. Is this what they called 'unfettered capitalism'?

[@AB-dv6ot]

Not all of the Mission Impossible was financed by Alibaba, just the recent few. she made it sounded like as if the entire Mission Impossible enterprise was financed by Alibaba.

[@user-eh2hj8bx6i]

She made it sound like it was 100% financed by Alibaba

[@TheD736]

The line she said earlier about "the Chinese internet golden age reaching its end" is bizarre. I don't think the Chinese state-run internet has been in a golden age since the government had their internet separated from the rest of the world

[@adrianlima2776]

@@TheD736 pretty sure they mean internet companies/capitalism, not internet culture or anything like that

[@TheD736]

@@adrianlima2776 The point gets across, I just find calling any age of the internet in China a golden age to be kinda ironic

[@Imperfectrun]

As much as I usually disagree with China's actions, this is a move that had me nodding. Someone has got to go after these rich untouchables.

[@tensevo]

Except ma's power and money falls into insignificance compared with the CCP Mafia. It's simply about shutting down political opposition.

[@mengwu1113]

If one company is too powerful in China, it is too high of risk for corruptions and we want to avoid that - in America it is lobbying, which is legal corruption

[@tensevo]

@@mengwu1113 then again, we are talking about an unopposed, unelected, ruling elite, so I am sure there is no corruption in China.

[@mengwu1113]

@@tensevo Did I say there was no corruption in china? No, you don't need to put words in other people's mouths. Im reasonable. Where there are humans, there will be corruption.

[@bingjingling]

Did someone notice as well that Ant Group only uses 2% of their own money to lend out to tiny business and individuals per its platform and 98% of lending money came from state banks? Ant Group and it’s ownership will be the biggest winner of IPO if possible. Highest leverage and biggest risk would be left to state banks. Insane to the whole society !!! Fortunately, this IPO was pending on time to be adjusted until to be adhere to laws.

[@MrLeiduowen]

Of course we did notice, that's the whole point, Amy😉

[@danxu9261]

@@MrLeiduowen That IS the whole point. Ant Group exploited the regulatory loop holes to grow, and piled up huge risks to state banks. The government realized this before its IPO and called timeout. Ant group didn't break the existing laws and the government is trying to fix the laws. Neither party has wrong doings here in my view.

[@staringtako]

Guess Jack Ma's plan living the american dream with the IPO money has been cancelled 😆

[@tiatine9752]

Yep. Can c a lot of ppl purposely ignoring it

[@danielm8482]

You make it sound as if it still does so ("uses"), then later inform that it has been reformed. So is it still the case at the present moment?

[@matrixkrock]

"Bend the knee or it will be broken" That right there is one great quote....👏👏👏

[@chrisortiz8072]

To be fair with his money he could make a few moves and buy an exoskeleton meaning wouldn't have to bend to anyone

[@alphabeta4028]

Break the law or go to jail... It's same.

[@singarose950]

The lady who said: "This is a watershed moment... " had a fantastic grasp of the whole issue. Sorry her name was not mentioned.

[@solomonlalani]

I liked the ending: 'bend the knee...or Drakaris!' :)

[@koroglurustem1722]

Xi told Jack "do you feel in charge ? "

[@ZxRiGxZ]

“..I paid you a small fortune..”

[@khein2204]

Don't forget that jack ma also a ccp official

[@supremereader7614]

I’m the only one who realizes he was breaking existing banking regulations before giving the infamous speech? Isn’t it possible China is simply enforcing its existing rules?

[@raymondsyuu5007]

Yes, you are right. But that is not what medias want you to realize.

[@penguinpingu3807]

not giving us the people full information, can be consider as information manipulation

[@user-ne1tv3hb2k]

Finally someone smart and not just bashing the government.

[@misslabellekitty1298]

You might be right, but unfortunately it will always seem a bit hypocritical for a one party state to take measures for monopoly practices in a company. Also, so many other billionaires or other celebrities have disappeared. Many suspect Xi himself doesn't want to be overshadowed by anyone at all, and strongly dislikes criticism instead of facing or addressing them. But yeah... Markets do need regulations. whether many of us admit it or not.

[@user-ne1tv3hb2k]

@@misslabellekitty1298 why do people always blame Xi. Is this a thing? He has to run a country not run for popularity contest. Famous people commit crime too. It’s the police and court they deal with. Not Xi.

[@walid7885]

No lobbyist to save you if you're rich.

[@user-fg2oq4mg7k]

The big company have big power and can get quick money, that will distroy the small company and innovation. The chinese goverment want the big company can leading innovation, promoting social development and leading the people to rich together, but not blindly extracting the wealth of the people at the bottom.

[@yingliren9262]

Jack always says he fights for the "small/little" guys, but he really helped a bunch of big guys making big money. He should now practice what he always preaches, and help the little & poor guys in the remote and rural area.

[@jukio02]

It looks like he has turned around and is now helping poorer rural area people get a leg up. That's noble.

[@andybrown6981]

Some hole digging and planting rice - a bit of labour never hurt anyone.

[@JC-se8mi]

12:21 “Jack, if you’re in trouble, blink three times.”

[@Wolfeboro152]

Jack Ma is the Mark Zuckerberg of China. Those people get what is coming for them.

[@mcauleywileywiley7164]

He's an inspiration!

[@alexgoslar4057]

A remarkable revelation.

[@MubashirullahD]

"Practically over" that is quite the sweeping statement

[@Marcopolo-uj1zg]

western media bias exeggeration, china will collapse in xx years, china this china that

[@Seankafor]

*M•e•s•s•a•g•e* WHAT**SAPP+ *+•1•(5•1•8) •4•6•0•5•2•7•9 *Morė* *Guįdė* *I•••A•P•P•R•O•V•E•••HIM•••HARRISON ALEX* *B•E•S•T•••C•R•Y•P•T•O•••C•U•R•R•E•N•C•Y•••M•A•N•A•G•E•R* *B•E•S•T••••S•T•R•A•T•E•G•I•E•S*

[@MrThezous]

Typical western media bias. Twenty years ago, internet tech just started, but now monopolies are existent and there’s a need for a better and fair environment. Government intervention to prevent behemoths like Alibaba from stiffening competitions is necessary.

[@justinkase5260]

When you insult the government of a one party system your begging for it when they strike back. That speech really showed them.

[@pr0newbie]

He most likely knew the PBOC's decision before the speech. Plenty of Chinese financial analysts have alluded to that.

[@clocktower1164]

It's not about insulting a one party regime. Anyone insulting any government for too long will get squashed, one way or the other ---- even in the United States there are reports of people shooting themselves at the back of their own head, *_3 times_* to "commit suicide".

[@j4genius961]

@@clocktower1164 There's a difference between exposing secret info and what Jack Ma did, in most democratic countries people are allowed to do that on a regular basis with no repercussions

[@santsuma]

@@clocktower1164 ... You're definitely knowing how governments function everywhere.

[@royalmontpark]

Not in this case though. Jack already knew this IPO would be blocked. He gave this speech out of frustration.

[@NerangelSmile]

I was amazed by Jack Ma's office buildings. It looks like they came from the future

[@MsDebbie0611]

He said things that made CCP NOT happy, China is bigger North Korea, you have to act what government wants

[@sunnyside100]

I lost patience with Jack Ma when he appeared in a movie as a martial artist.

[@akemumoren4133]

He was just tryna have fun 😂☺️

[@gxthblxde]

Man jusy following da dream

[@ArrcanarStudios]

More than most Chinese fighters and con monks

[@rielo9725]

Um, what movie?

[@jonaafr]

@@ArrcanarStudios do you even understand the word - movie?.

[@kalolosene9003]

when you thought you can buy the whole country with money, just realized later that money can't buy power...

[@ferggusonsamy3479]

Money can buy power, it's just that the CCP had more of both over Ma.

[@tensevo]

CCP have all the power, they systematically shut down political dissent and opposition.

[@justicedemocrat9357]

My heart weeps for these mega-billionaires.

[@667DOOM]

same, so sad. poor billionaires. thats why its always so touching when a super billionaire reaches his dreams.

[@tensevo]

The issue is, only the CCP officials are allowed money and power in China.

[@phoreal9273]

love your sense of humor hahahaha

[@davidzhang429]

Actually, as a college student, I like that. People always underestimate the harmfulness of unregulated small loaners. some college students, which has happened frequently, do not have the ability to pay for what they spend. So to pay back the loan to Alibaba, they borrow money from loanshark. This really caused many tragedies to happen. After all, those parents are really mad and go to Beijing and blamed on the government, some even did some aggressive reation.

[@TheShark447]

And putting all the risk on banks too lol recipe for disaster

[@faisalnadeem7621]

Moral: Dont try to outshine Winnie the Pooh

[@Radke32]

The one-party-China CCCP fines the company for "monopolistic practices"🤣

[@r.walcott6239]

Are they wrong to do so?

[@r.walcott6239]

Irony

[@jchien]

Zinger!

[@Andrew36597]

@@r.walcott6239 it’s the biggest monopoly in the world telling small companies “hey don’t do that!” Insanely ironic

[@j4genius961]

@@r.walcott6239 No they aren't, but since they're doing it themselves it's called hypocrisy

[@benemma5602]

Looks like Ma is just starting to learn that there's no room for bravado in our line of business 😂

[@user-oz1yv4nt9q]

Whenever i see his face i think of the "Little Bits" ad from Rick and Morty

[@hpwan2]

“Loudest" 😂 how true it is!

[@MillionaireMindsetClub]

They literally shut him up...

[@abdiganiaden]

Lol he probably hung around with other western billionaires and picked up their complaining habits that is not acceptable in China

[@bestintentions6089]

@@abdiganiaden it is the communist party is unacceptable, illegal junta they are

[@thetruthalwaysscary]

@@bestintentions6089 lol..China has 800+ billionaires and over 1000 millionaires created daily the last 10 years. This is a huge issue for western powers that they started a media war. Communism China is less communist than any western countries. Reality hurts. In China there is a one party system that is called "communist", but it is a functional Confucianist dictatorship. Go to China travel a little and unless you are blind and deaf you will understand all the BS you are fed from media is just BS.

[@scolaclkh5281]

Because china doest let powerful rich men control the narrative

[@bestintentions6089]

@@scolaclkh5281 yes it lets friends of dictators do that , not self made people.

[@trukeesey8715]

"We must have nothin to do with the Children of Finda" -- Minno

[@Chandankumar-qw6hb]

Thanks

[@andikasulyat]

07:19 "...And he did NOT read the room very well..." Haha. It is the EXACT opposite. Jack Ma UNDERSTOOD the audience in the room SO WELL that he executed his critics.

[@StarCraftBoy100]

this reminds me of a saying on a bill board at my work "A government big enough to give you everything is also big enough to take away everything."

[@lachlanstanding7386]

oh are you afraid the government is going to take away your trillion dollar corporation?

[@livetoboardteam]

@@lachlanstanding7386 no he’s afraid “ThE g0vErNmEnT g0n tAkE hiS GUnS!!1!”

[@vairiadk2516]

Like one of my favorite KZbinrs said, the risks are carried by commercial banks, the benefits gained by Ant group. This ant's creative innovation kills elephants.

[@user-fg4hv6oq4u]

Jack Ma: you should feel happy to work for the company from 9AM to 9PM and 6 days a week, meanwhile I will offer microloans to everyone for an 18% interest rate.

[@morchang624]

LOL.Cruel truth is your blessing.

[@ianhornbeck]

Lol “laying low” My guy is MISSING.

[@bry120]

He's laying underground

[@3y6ac]

as they say: Beat your own to frighten enemy.

[@Doflaminguard]

mans also popularized 996. this man ruined employment.