Jack Ma Loses Title of Richest Man in China

Founder of Alibaba group Jack Ma. (File photo: AP)
Founder of Alibaba group Jack Ma. (File photo: AP)
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Jack Ma Loses Title of Richest Man in China

Founder of Alibaba group Jack Ma. (File photo: AP)
Founder of Alibaba group Jack Ma. (File photo: AP)

Alibaba and Ant Group founder Jack Ma has lost the title of China's richest man, a list published on Tuesday showed, as his peers prospered while his empire was put under heavy scrutiny by Chinese regulators.

Ma and his family had held the top spot for China's richest in the Hurun Global Rich List in 2020 and 2019 but now trail in fourth place behind bottled water maker Nongfu Spring's Zhong Shanshan, Tencent Holding's Pony Ma and e-commerce upstart Pinduoduo's Collin Huang, the latest list showed.

His fall out of the top three comes "after China's regulators reined in Ant Group and Alibaba on anti-trust issues," the Hurun report said.

Ma's recent woes were triggered by an October 24 speech in which he blasted China's regulatory system, leading to the suspension of his Ant Group's $37 billion IPO just days before the fintech giant's public listing.

Regulators have since tightened anti-trust scrutiny on the country's tech sector, with Alibaba taking much of the heat; the market regulator launched an official anti-trust probe into Alibaba in December.

Ma, who is not known for shying away from the limelight, then disappeared from the public eye for about three months, triggering frenzied speculation about his whereabouts. He re-emerged in January with a 50-second video appearance.

China's current richest man, Zhong, made his first appearance at the top spot with a fortune of 550 billion yuan ($85 billion), largely thanks to the share price performances of Nongfu Spring and vaccine maker Beijing Wantai Biological Pharmacy Enterprise, which he also controls.



Meta Abruptly Ends US Fact-checks Ahead of Trump Term

Attendees visit the Meta booth at the Game Developers Conference in San Francisco on March 22, 2023. (AP)
Attendees visit the Meta booth at the Game Developers Conference in San Francisco on March 22, 2023. (AP)
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Meta Abruptly Ends US Fact-checks Ahead of Trump Term

Attendees visit the Meta booth at the Game Developers Conference in San Francisco on March 22, 2023. (AP)
Attendees visit the Meta booth at the Game Developers Conference in San Francisco on March 22, 2023. (AP)

Social media giant Meta on Tuesday slashed its content moderation policies, including ending its US fact-checking program on Facebook and Instagram, in a major shift that conforms with the priorities of incoming president Donald Trump.

"We're going to get rid of fact-checkers (that) have just been too politically biased and have destroyed more trust than they've created, especially in the US," Meta founder and CEO Mark Zuckerberg said in a post.

Instead, Meta platforms including Facebook and Instagram, "would use community notes similar to X (formerly Twitter), starting in the US," he added.

Meta's surprise announcement echoed long-standing complaints made by Trump's Republican Party and X owner Elon Musk about fact-checking that many conservatives see as censorship.

They argue that fact-checking programs disproportionately target right-wing voices, which has led to proposed laws in states like Florida and Texas to limit content moderation.

"This is cool," Musk posted on his X platform after the announcement.

Zuckerberg, in a nod to Trump's victory, said that "recent elections feel like a cultural tipping point towards, once again, prioritizing speech" over moderation.

The shift came as the 40-year-old tycoon has been making efforts to reconcile with Trump since his election in November, including donating one million dollars to his inauguration fund.

Trump has been a harsh critic of Meta and Zuckerberg for years, accusing the company of bias against him.

The Republican was kicked off Facebook following the January 6, 2021, attack on the US Capitol by his supporters, though the company restored his account in early 2023.

Zuckerberg, like several other tech leaders, has met with Trump at his Mar-a-Lago resort in Florida ahead of his January 20 inauguration.

Meta in recent days has taken other gestures likely to please Trump's team, such as appointing former Republican official Joel Kaplan to head up public affairs at the company.

He takes over from Nick Clegg, a former British deputy prime minister.

Zuckerberg also named Ultimate Fighting Championship (UFC) head Dana White, a close ally of Trump, to the Meta board.

Kaplan, in a statement Tuesday, insisted the company's approach to content moderation had "gone too far."

"Too much harmless content gets censored, too many people find themselves wrongly locked up in 'Facebook jail,'" he said.

As part of the overhaul, Meta said it will relocate its trust and safety teams from liberal California to more conservative Texas.

"That will help us build trust to do this work in places where there is less concern about the bias of our teams," Zuckerberg said.

Zuckerberg also took a shot at the European Union "that has an ever increasing number of laws institutionalizing censorship and making it difficult to build anything innovative there."

The remark referred to new laws in Europe that require Meta and other major platforms to maintain content moderation standards or risk hefty fines.

Zuckerberg said that Meta would "work with President Trump to push back against foreign governments going after American companies to censor more."

Additionally, Meta announced it would reverse its 2021 policy of reducing political content across its platforms.

Instead, the company will adopt a more personalized approach, allowing users greater control over the amount of political content they see on Facebook, Instagram, and Threads.

AFP currently works in 26 languages with Facebook's fact-checking program, in which Facebook pays to use fact-checks from around 80 organizations globally on its platform, WhatsApp and on Instagram.

In that program, content rated "false" is downgraded in news feeds so fewer people will see it and if someone tries to share that post, they are presented with an article explaining why it is misleading.

Community Notes on X (formerly Twitter) allows users to collaboratively add context to posts in a system that aims to distill reliable information through consensus rather than top-down moderation.

Meta's move into fact-checking came in the wake of Trump's shock election in 2016, which critics said was enabled by rampant disinformation on Facebook and interference by foreign actors like Russia on the platform.