Meet the guy who, after being AWOL for months, is suddenly launching a new firm and is wealthier than Mukesh Ambani, Adani, and Ratan Tata

<p>Jack Ma’s intentions after retirement have come under scrutiny due to his recent activities. The billionaire is reportedly starting a new business and has spent an initial capital of 10 million yuan ($1.4 million) in a modest firm called Hangzhou Ma’s Kitchen Food. The billionaire withdrew from public life due to a government-led industrial crackdown. As to the National Enterprise Credit Information Publicity System of China, the company’s primary concentration is on agricultural product processing and sales.</p>
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<p>There has been a great deal of conjecture over Ma’s location and activities since 2020 when Beijing asserted further control over his businesses, Ant Group Co. and Alibaba. After making remarks that aided in the regulatory crackdown on China’s banking sector, he pulled back from the spotlight. Since then, Ma has used his foundation to focus on agricultural endeavors in line with the Communist Party’s “common prosperity” platform, which is supported by a number of powerful businesspeople.</p>
<p>Although Ma’s recent public visit to a Hangzhou school suggested a possible comeback to the public eye, he has mostly focused on farming and educational initiatives. There are few details regarding his new endeavor; top officials from his foundation will play important positions in the newly formed company.</p>
<p>With an incredible wealth of $61.7 billion, three years ago Jack Ma was the wealthiest person in Asia, surpassing even Mukesh Ambani, Ratan Tata, and Gautam Adani. But times have changed drastically, and he now has a net worth of almost $24 billion.</p>
<p>Ma, who was born in 1964 in Hangzhou, China, persevered through difficult times in her early life. He was turned down for jobs at a number of places, including KFC, but he didn’t give up. When he came onto the internet in 1995, his life took a radical turn and he went on to co-found China Pages, his first online business. He founded Alibaba in 1999 with the goal of bringing together Chinese producers and international consumers.</p>
<p>Ma had a vision that went beyond conventional business, using technology to empower small and medium-sized businesses (SMEs). Alibaba has cemented its dominating position in the e-commerce industry with initiatives such as Taobao and Tmall, which have revolutionized the way people purchase in China and throughout the world.</p>
<p>Ma diversified Alibaba’s business beyond e-commerce by adding cloud computing, digital payments (Alipay), and entertainment to the company’s offerings.</p>
<p>Ma’s notoriety has not, however, been without difficulties. His strong criticism of China’s regulatory framework sparked investigations and ultimately resulted in the postponement of Ant Group’s much-awaited 2020 IPO.</p>