3/30, 6:56 PM (Source: TeleTrader)
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Jack Ma said to have led Alibaba's breakup strategy

Chinese billionaire and co-founder of the Alibaba Group, Jack Ma, has engineered the conglomerate's decision to split into six different units in order to become more competitive in China's market, according to a report published by the Wall Street Journal on Thursday.

Sources familiar with the matter told the magazine that Ma, who abandoned Alibaba's helm in 2019, held talks with Alibaba's senior management over the previous months, including with CEO Daniel Zhang. The Chinese tycoon appeared in Alibaba's hometown of Hangzhou a day ahead of the company's decision after nearly a year since his last known visit to mainland China.

Ma allegedly responded to the calls made by Beijing officials, who argued that its time for him to return to China and support the country's economic expansion. However, the Jack Ma Foundation denied that he has been involved with Alibaba's business operations.

Baha Breaking News (BBN) / ND