In 2020, soon before Ant’s IPO, which was set to raise a record $34 billion, Ma raised the ire of Chinese authorities when he referred to the country’s banks as “state-owned pawnshops” during a lecture in Shanghai. Chinese officials then blocked the upcoming IPO and forced Ant to cut down its operations. The corporation was specifically directed to revert to its origins as a payment provider. Following an antitrust inquiry on the business’s alleged monopolistic tactics, regulators penalised Alibaba, Ma’s other company, $2.8 billion a year later. Ma has been out of the public eye since.
