The three biggest mistakes that Jack Ma made in his life:
First, the speech on the Bund in Shanghai.
On October 24, 2020, Jack Ma's speech on the Bund in Shanghai completely pushed himself into the abyss, and he disappeared from the world and no news was heard from him since then.
Because of these words, Hangzhou returned thousands of houses overnight, and real estate developers suffered heavy losses. It could have created thousands of rich people, but they all became phantoms overnight.
Second, misusing Zhang Yong.
When Zhang Yong took over Alibaba in 2019, Alibaba's market value was as high as 600 billion US dollars. When he gave up Alibaba in 2023, the market value was only a pitiful 200 billion US dollars.
Jack Ma himself once said that he was not afraid of heaven or earth, but was afraid of CFO becoming CEO. Zhang Yong's taking over Alibaba has not been favored by the market because managers with financial backgrounds generally like to stare at financial statements, do not have a comprehensive view of the overall control of the company, and cannot look at problems, think about problems, and solve problems from a higher perspective.
Therefore, Alibaba's market value was surpassed by Pinduoduo, and Taobao and Tmall had no competitive advantages.
Third, Sun Tongyu was wrongly dismissed.
Driving Sun Tongyu out of Alibaba is probably the decision that Jack Ma regrets the most in his life. Sun Tongyu is a technical genius, once known as the father of Taobao. It was Sun Tongyu who saved Alibaba from the quagmire of losses. Without Sun Tongyu, Alibaba might need two to three years to make a profit.
Sun Tongyu is also one of the founders of Alipay. As one of Alibaba's 18 Arhats, Mr. Sun Tongyu can be said to be a genius-level figure. He was kicked out by Jack Ma for no reason because of his high achievements. Unexpectedly, in 2015, Sun Tongyu and Pinduoduo took 6 years to surpass Alibaba.
Now Pinduoduo's market value has surpassed Alibaba, and Mr. Sun Tongyu has made an indelible contribution.
