Jack Ma

Elon Musk has seven children -- twins Xavier and Griffin, triplets Kai, Saxon and Damina, X Æ A-Xii and his youngest, Y.

The price at which Jack Ma sold Alibaba's stake brings Paytm Mall's valuation to Rs 100 crore, down from $3 billion in 2020 when the company had last infused capital through a fundraiser.

A whopping $26 billion was wiped off of Alibaba’s market value in just a few minutes. But the company managed to recover the losses after a clarification.

The Central Commission for Discipline Inspection was seeking to understand the influence of Ma’s fintech empire and the extent of its transactions with state banks and enterprises, the people said, asking not to be identified discussing a sensitive issue. The agency’s involvement hasn’t been previously reported.

The story of Jack Ma's fall from official favour helps illustrate how rapidly China has transformed under Xi Jinping, as he nears what could be a precedent-breaking third term as leader of the economic powerhouse and exerts greater control over some of its most innovative companies.

The Chinese billionaire has largely been out of public view since he publicly criticised China’s regulatory system in a speech last year. His empire promptly came under heavy scrutiny from regulators and the $37 billion blockbuster IPO of his fintech affiliate Ant Group was suspended.

This is the biggest wipe out of shareholder value globally in big tech firms in past one year.

Jack Ma will be in Europe for a series of business meetings and an agriculture study tour. It will be his first overseas trip in more than a year.

Ma, once China's most famous and outspoken entrepreneur, met at least "a few" business associates over meals last week, said the people.

Following Ma's criticism of the Chinese regulatory system last year, Beijing came down heavily on the company, leading to the shelving of financial affiliate Ant Group's $37 billion initial public offering.

Sources told FT that Hupan University — an elite academy for Chinese business executives established in Ma's hometown of Hangzhou in 2015 — has changed its name and will restructure its curriculum.

Alibaba forecast annual revenue to be 930 billion yuan ($144.12 billion) for the fiscal year ended March 2022, above analysts' average estimate of 928.25 billion yuan.

The high-stakes discussions come amid a revamp of Ant and a broader regulatory clampdown on China's technology sector that was set in motion after Ma's public criticism of regulators in a speech in October last year.

The penalty on Alibaba Group is equivalent to around 4 percent of the e-commerce giant's revenues in 2019.

The overhaul includes Ant turning itself into a financial holding firm, a move expected to curb its profitability and valuation by curtailing some of its freewheeling businesses.

The enrollment halt comes amid Beijing’s crackdown on Jack Ma’s businesses. Late last year Ant Group, a financial affiliate of Alibaba, abruptly suspended a planned $37 billion IPO in Shanghai following pressure from the authorities.

China’s urge to dictate the fortunes of its technology giants is coinciding with a global backlash which is pushing them to seek listings closer to home.

The meeting is the most concrete indication yet that China’s unprecedented antitrust crackdown, which started late last year with billionaire Jack Ma’s Alibaba business empire, could soon target other internet behemoths.

Alibaba is most notably the owner of Hong Kong's leading English-language daily, the South China Morning Post and has stakes in social media site Weibo and online video platform Bilibili besides other media and advertising.

The restructuring plan talks about putting all of Ant’s businesses into a financial holding company