Jack Ma goes on a euro trip after retiring from the business empire

Jack Ma goes on a euro trip after retiring from the business empire

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Chinese business tycoon and co-founder of Holdings of the Alibaba Group BABA jack ma has reportedly been sighted in Europe after largely disappearing from public view for almost two years.

What happened: Ma, 57, was spotted dining in Austria, attending a university in the Netherlands to learn about sustainable farming and says he docked his yacht off the Spanish island of Mallorca Bloombergwho also cited local reports.

Though it wasn’t the billionaire’s first trip outside of China since he criticized Xi Jinping‘s Communist Party Officials in 2020, it signals easing pressure from the Chinese government on him after he withdrew from his business empire, according to the report.

See also: Xi Jinping warns Biden sternly over Pelosi visit to Taiwan: ‘Those who play with fire will perish’

Why it matters: This is a marked change from the days when government officials told the Ma not to leave the country.

Almost two months ago, rumors surfaced that Chinese authorities placed a person by the surname Ma under “Mandatory Curbs” in Hangzhou city. After that, Alibaba shares briefly lost $26 billion in market cap, showing how skeptical investors were about the tycoon’s fate.

Meanwhile, shares of Alibaba dropped over 5% following reports is a billionaire Planning to relinquish control of Ant Group. The move is seen as part of an effort to move away from subsidiary Alibaba after an extended period of extraordinary pressure from Chinese regulators.

price action: According to data from Gasoline ProUS-listed shares of Alibaba closed down 2.16% at $100.55 on Thursday.

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