China’s spat with Jack Ma is bid to control big tech. Silicon Valley next?

Chinese tech billionaire Jack Ma has allegedly fallen out with the Beijing government. Several recent articles reported that Ma offended the Chinese authorities by delivering a speech in Shanghai in October criticising financial regulation, and that he and his colleagues were called in for questioning.

The planned IPO of his financial services powerhouse, Ant Group, for over US$30 billion, was suddenly suspended. Antitrust investigations were instigated against his other major company, online retailer Alibaba (and also Chinese tech giant, Tencent).

Towards the end of the year, Ma then received a “rectification order” from the People’s Bank of China (PBoC), the central bank, outlining five ways in which Ant Group must comply with the regulator. To cap it all, the entrepreneur has reportedly not been seen in public since October.