According to Hong Kong-based The Asia Times Jack Ma is ’embracing supervision’. Chinese Communist Party mouthpiece People’s Daily is also reporting on similar lines. Chinese media reported that Jack Ma has been ordered not to leave the country. In November, the People’s Daily had slammed Jack Ma saying that it was impossible for him to achieve so much success with Alibaba without the Chinese government’s policies: “Ma Yun is savvy, but without the support of national policies, Ali will not be able to become a trillion business empire.”

Coinciding with his disappearance is Chinese state-owned media’s heated up online vitriol against Ma, which has suddenly increased. After Ma’s recent wrangle with China’s authoritarian regime over the regulatory issues, Chinese media outlets have desperately tried to change his image from “Uncle Horse” (Ma in Chinese means horse)” to a cruel and money-grabbing “vampire” businessman. He is being posed as the one who loves to exploit the poor in various government-leaning media outlets.

Jack Ma is ’embracing supervision’, Hong Kong-based The Asia Times has quoted Chinese Communist Party mouthpiece People’s Daily as saying. He has been ordered not to leave the country. The People’s Daily in a November piece also said Ma couldn’t take Alibaba to such heights without the Chinese government’s policies: “Ma Yun is savvy, but without the support of national policies, Ali will not be able to become a trillion business empire.”

Ma has not made any public appearance since November 2020, which has raised eyebrows over his whereabouts. He didn’t even appear in the final episode of his own talent show, ‘Africa’s Business Heroes’, which gives budding African entrepreneurs an opportunity to compete to win $1.5 million.

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The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and dropped him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years as Saudi Arabia and Russia vowed to pump more in a struggle for market share just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest producer.

While the coronavirus has curtailed some of Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian company’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil.

Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

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