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The world’s billionaire factory shudders as China cracks down We’re sorry, this service is currently unavailable. Please try again later. Dismiss By Blake Schmidt, Coco Liu and Venus Feng July 13, 2021 — 10.20am Normal text size It was the kind of brazen PR stunt that Jack Ma might have dreamed up. But this wasn’t the flamboyant Chinese billionaire who disappeared from public view eight months ago. It was Mark Zuckerberg, bobbing up and down on a hydrofoil surfboard, clutching an American flag and exuding all the confidence of a man worth $US130 billion ($174 billion). Alibaba founder...

Adding to Beijing’s resolve is the Chinese public’s growing concern over rising inequality. At a major speech on his economic plans in October, President Xi Jinping acknowledged that the country’s development was “unbalanced” and said “common prosperity” should be the ultimate goal. The upshot is a new era for the country’s billionaires and the investors who back them. Gone are the days when tycoons like Ma could confidently bend the rules to supercharge their companies’ growth and challenge entrenched interests like state-owned banks. Outsized public personas — long seen ...

It was the kind of brazen PR stunt Jack Ma might have dreamed up. But this wasn’t the flamboyant Chinese billionaire who disappeared from public view eight months ago. It was Mark Zuckerberg, bobbing up and down on a hydrofoil surfboard, clutching an American flag and exuding all the confidence of a man worth $130 billion. The contrast between the social media mogul’s July 4 Instagram video and the day’s big event in China could hardly have been starker. Regulators in Beijing had just hours earlier banned Didi Global Inc.’s ride-hailing service from app stores, delivering their latest...

China’s crackdown on Ant won praise last month from Berkshire Hathaway Inc. Vice Chairman Charlie Munger, who said in an interview with CNBC that the "Communists did the right thing” by letting Ma know he couldn’t "wade into banking...and just do whatever he pleased.” BEIJING: It was the kind of brazen PR stunt that Jack Ma might have dreamed up. But this wasn’t the flamboyant Chinese billionaire who disappeared from public view eight months ago. It was Mark Zuckerberg, bobbing up and down on a hydrofoil surfboard, clutching an American flag and exuding all the confidence of a man w...

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