Man whose net worth went down by Rs 210000 crore in one year, comes to push his Rs 18 lakh crore firm, he is...

Jack Ma, former English teacher and cofounder of Alibaba Group, was the richest person in Asia, which means he was also richer than Mukesh Ambani and Gautam Adani. In 2020, the business tycoon’s net worth was Rs 18000 crore more than Mukesh Ambani. However, his company hasn’t been doing great for the past couple of years and during the Covid-19 pandemic, Alibaba Group took a significant toll due to which, Ma’s net worth tumbled down by Rs 210000 crore. As struggling Alibaba Group plans to take a new path, employees of the company received a memo from Jack Ma, leaving everyone in shock. The billionaire retired from Alibaba in 2019 and has stayed away from day-to-day operations since 2020. He stunned the employees by replying to a staff post on Alibaba's internal forum.

In a push to his Rs 18 lakh crore firm, Jack Ma praised the group's decisions in past years. As per a report by Bloomberg, Ma was convinced that Alibaba Group will "correct its course". The billionaire wrote that "Every great company is born in a winter". "As the AI era gets underway, it's an opportunity for everyone as well as a challenge."

Jack Ma disappeared from the public eye last year after he made a few controversial statements about the Chinese government. Turned out he was travelling the world to study agrotech. After coming back to China a few months ago, Ma invested in a new farm-technology company, 1.8 Meters Marine Technology.