Why do Chinese billionaires keep disappearing

Published: Jan. 30, 2021, 4:18 p.m.

b'News of Alibaba cofounder Jack Ma\\u2019s disappearance from public view has driven heated speculation across social media in recent days. The whereabouts of the billionaire entrepreneur are unknown and Alibaba isn\\u2019t commenting. \\n\\nFormerly China\\u2019s richest person, Ma\\u2019s last public sighting was at Shanghai\\u2019s Bund Summit in late October, where he criticized Chinese regulators for stifling innovation. By early November, he was reportedly summoned to a meeting with Chinese authorities, who then pulled the plug on the planned IPO of his fintech giant, Ant Group, on November 3, just two days before it was slated to begin trading. Alibaba is now under investigation for monopolistic behavior, according to a statement from the government\\u2019s market supervision arm. And the billionaire has not been spotted since late October. Alibaba and Ant Group did not respond to Forbes\\u2019 request for comment. In a report on Tuesday, citing a person familiar with the matter, CNBC reported that Ma was not missing, just laying \\u201cThe big picture seems to be that [Ma] got too big for his britches, both in independent speech as well as in actual financial power,\\u201d says Andrew Nathan, a Columbia University professor who focuses on Chinese politics. \\u201cSo whether he was detained or voluntarily laying low, either one is a version of the Party reasserting its absolute power.\\u201d\\n\\nMa\\u2019s absence from the public sphere is part of a larger pattern. As Forbes has reported before, in recent years at least half a dozen other billionaires and wealthy businessmen have vanished from public life for a period of time after running afoul of the Chinese Communist Party. In December 2015, reports emerged that Guo Guangchang, founder and chairman of investment conglomerate Fosun International, had gone missing. Social media posts claimed that witnesses saw Guo being taken away by the police at Shanghai\\u2019s airport.'