Part 8/13:
Political Challengers and the Fall from Grace
However, Ma’s rise also brought increased scrutiny from the Chinese government, especially as Alibaba’s size and influence grew. Under President Xi Jinping’s leadership, the regulatory environment tightened for big tech companies. Ma’s prominence made him a focal point—his outspoken style and global ambitions appeared to clash with China's increasing desire for control.
In 2019, Ma stepped down as Alibaba’s CEO, though he remained Chairman to focus on other ventures like Ant Group, which was preparing to launch a record-breaking $35 billion IPO in 2020. Ma’s central role in pioneering China’s digital payments through Ant’s Alipay made him a symbol of financial innovation—until regulators intervened.