The Chinese Communist Party just showed Jack Ma — and the rest of us — who’s boss
Chinese businessman Jack Ma, one of the richest men in China, has a net worth of nearly $60 billion. Xi Jinping, the general secretary of the Chinese Communist Party, officially earns just over $1,700 a month.
But make no mistake about which one of these men has more power. On Nov. 3, the Shanghai Stock Exchange announced the suspension of Ant Group’s plans to put its stock on sale in what was set to be the world’s largest initial public offering (IPO). In the lead-up to the listing, global investors had valued Ma’s mobile payment service Ant Group at over $310 billion — more than ICBC, China’s largest state-owned bank, and roughly the same as JP Morgan.… Seguir leyendo »