Jack Ma will step down as president of Hupan University. - AFP
BEIJING (Bloomberg): Jack Ma will step down as president of Hupan University, an elite business academy he co-founded six years ago, amid pressure from Beijing, the Financial Times reported.
The move comes as Chinese authorities crack down on the influence of the billionaire co-founder of Alibaba Group Holding Ltd., the newspaper said, citing people familiar with the matter.
Ma abruptly fell from grace after blasting financial regulators in a public speech last October. Since then, his highly-anticipated initial public offering by Ant Group Co. has been put on hold, and Ma has largely stayed out of public view.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
