Not only has Jack Ma’s involvement with Beijing disappeared for more than two years, but it has also cost his companies more than $850 billion.

• Alibaba’s Alibaba and Ant Group have collectively lost $850 billion since their peak in 2020.

• They came under pressure after Ma’s criticism of Beijing, which led to an organizing crackdown.

• On Friday, Beijing announced a $985 million fine on the Ant Group, signaling an end to the crackdown.

Chinese tech giant Jack Ma has been reeling since his criticism of Beijing sparked a backlash on his companies and his wealth — but the latest development could turn the tide.

Friday, Chinese Central Bank announced a fine of 7.12 billion yuan, or $985 million, to Ant Group – the financial technology giant co-founded by Ma who runs Alipay payments application – indicating that the file The organizational campaign that has been going on for years is coming to an end.

But the campaign, which has been going on for years, has led to huge losses in the wealth and market valuations of the companies in which he owns stakes.

Alibaba — the main company he co-founded — has seen a 45%, or $620 billion, drop in market capitalization since shares peaked in 2020, Bloomberg accounts Sunday.

The ant group is now being evaluated throughout $78.5 billion – Marking a steep 75% discount upon revaluation 315 billion dollars in IPO Ahead of Beijing’s regulatory campaign in 2020.

Send the crowd survey of $850 billion in ratings for Alibaba and Ant Ma’s net worth From about $61 billion in October 2020 to $34.1 billion as of Monday, according to Bloomberg Billionaires Index.

On a personal level, Ma has also been lying low for more than two years.

ma angered the Chinese authorities After giving a speech in October 2020 criticizing China’s financial regulation system and claiming that Chinese banks operate with a “pawnshop” mentality. his words urge Intense regulatory scrutiny of its businesses – including Alibaba and Ant – and more broadly Crackdown on tech companies In China.

In January, it was spotted at Bangkokwhere he visited a Michelin-starred street food restaurant and saw A.J Muay Thai fight. he is too appeared in Hong Kong in the same month.

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in He walks, Ma returned to the school he founded in his hometown of Hangzhou, in eastern China.

In April, he was appointed Professor Emeritus University of Hong Kong. in May, Ma has taken up a teaching position in Japan, one of the first public posts he has held since he disappeared from the spotlight in 2020.

Last month , Ma attended the finals of the Alibaba Global Mathematics Competition in Hangzhou, where Alibaba is headquartered.

Shares of Alibaba in Hong Kong rose 3.1% to HK$86.90 per share at midday, buoyed by news of the fine. Shares of the company in New York closed up 8.1% at $90.55 a share on Friday.

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