In the past few days, Jack Ma's name has once again topped the trending searches, stating that he is vacationing in Spain, living an enviable rich life. Opening the video comment section, most of what I saw were sarcastic remarks, accusing his statements and his speech at the Bund Financial Summit two years ago of being no different; the only difference is that the noise this time is much smaller.
This reminds me of two years ago, almost at the same time, someone asked on a Q&A platform: 'Has Jack Ma come down from his pedestal?' Perhaps Jack Ma's silence over the past two years is the best answer to this question.
In these two years, Jack Ma has paid a huge price for his 'reckless words'. The IPO plan of Ant Financial has yet to be restarted, Alibaba's stock price has fallen sharply from its peak, with a market value that shrank by more than 75% at its lowest, equivalent to evaporating 4 trillion RMB. At the same time, the Hupan University, which Jack Ma had high hopes for, has also closed. For him, who is keen on preaching, this is undoubtedly the biggest blow, as this university was originally a key platform for him to establish top business resource channels.
In the evaluations of official media, a conclusion has already been reached - 'There is no era without Jack Ma, only the era of Jack Ma.'
Jack Ma's series of encounters is closely related to his remarks in that speech. Behind all this is the state launching the most stringent internet antitrust investigation in history, beginning to regulate the internet finance sector, and introducing the common prosperity policy while placing technological innovation at the core of economic development.
Some may ask: Did Jack Ma's speech really have such a big impact?
Today, let's review Jack Ma's 'Waterloo' speech and the real reasons for his early retirement. The interest rates of Ant Financial are significantly higher than those of banks, and the technological level of banks is not inferior to that of Ant Financial. So, why can Ant Financial stand out?
There are two reasons:
First, technological advantage. Ant Financial, leveraging big data and cloud computing technology, can provide users with efficient financial services. By analyzing users' consumption habits and behaviors through big data, Ant Financial can establish accurate risk control models, and Sesame Credit is precisely achieved through these technologies. Many traditional financial institutions do not possess such technological advantages.
Second, the mission of banks is different from that of Ant Financial. The main task of banks is not just profit; they also need to maintain the stability of the financial system and bear the role of the national economic hub. In contrast, Ant Financial, as a purely commercial company, does not bear such responsibilities; its goal is financial innovation and profit, which will inevitably penetrate deeply into the financial system and challenge the status of traditional banks. This has clearly attracted high-level attention.
From a strategic perspective, the role of banks in the national economy is irreplaceable, while Ant Financial is merely a commercial institution. In Jack Ma's speech, he openly expressed Ant Financial's intention to innovate in finance, which undoubtedly touched a nerve with regulators.
Jack Ma is not just an entrepreneur; he also serves as the president of Hupan University, which cultivates business elites and has actually accumulated a large amount of business resources for him. Two years ago, I wrote the following passage, which, although it easily provokes controversy, I still firmly believe in today:
"Among the independent internet technology companies that have emerged in China over the past two decades, the two entrepreneurs I truly admire are Jack Ma and Ren Zhengfei. The 'ecological enterprises' they established have profoundly changed the industry landscape and have had a far-reaching impact on both upstream and downstream industries. In contrast, although other internet giants are large in scale, they are more focused on their own profits rather than driving the development of the entire industry."
For this reason, two years ago I believed that Jack Ma should not be completely denied, and he should not be forced to 'retire'. But today, two years later, I believe everything is the best arrangement.
Jack Ma will receive a more objective evaluation, and his choice to retreat from the world and enjoy his peaceful life is not necessarily a bad thing.