Jack Ma Arrested?

Jack Ma Arrested: The Founder of Alibaba, Jack Ma, was not detained; instead, a man with the surname ‘Ma’ was apprehended by the police.

On April 25, authorities in Hangzhou, Alibaba’s home city, took “compulsory actions” against an individual with the last name Ma, according to CCTV, China’s state broadcaster.

Ma was seized on suspicion of using the internet to participate in actions that jeopardize national security, according to the broadcaster.

Jack Ma Arrested?

The suspect’s complete name had two characters, according to the initial CCTV report. However, the broadcaster afterwards updated the report to include a correction from Hangzhou police: the arrested person’s full name is three characters long.

It was all because of that distinction. Jack Ma’s entire name is only two characters long, and his Chinese given name is Yun.

After the bogus story circulated, Alibaba Group’s stock plummeted in early trade on Tuesday.

Fearing that the person in question was Alibaba’s wealthy founder Jack Ma, investors ditched their shares swiftly, leading the price to drop by as much as 9.4%, wiping off roughly $26 billion in value. Jack Ma Arrested

The genuine person detained is a hardware research director for a Chinese technology firm.

Even as Beijing signals it intends to ease a two-year crackdown on the country’s tech sector in response to concerns about slowing growth, the fact that even the possibility that the arrest could be linked to Alibaba’s once-outspoken founder caused shares to plummet shows that investors remain concerned about the company’s future.

Alibaba’s stock has dropped 66% since its peak in October 2020. Investors began dumping shares after Ma slammed China’s authorities for limiting innovation and growth while speaking at a high-profile conference for the country’s most influential bankers and financial regulators.

Ma has not been seen in public since January, when he visited a primary school in Hainan as part of his charitable endeavors, according to the South China Morning Post, which is owned by Alibaba. Ma stepped down as executive chairman of Alibaba in 2019. Jack Ma Arrested