Technology

Huge workforce reduction plan of Chinese giants

Impact of COVID-19 on economic growth and strict regulations from the government, Alibaba Group and Tencent Holdings will lay off thousands of their employees. Alibaba, China’s largest e-commerce company, is expected to lay off about 39,000 employees, accounting for 15% of the group’s total workforce. In addition, Tencent Holdings, the giant that owns the Chinese […]

Technology

China warns thousands of officials with close ties to Big Tech

The statement came two days after Hangzhou Party Secretary Zhou Jiangyong was detained for “serious violations of discipline”… China warned thousands of officials in Hangzhou – the city where many famous technology companies such as Alibaba’s e-commerce giant Jack Ma are located. The warning was accompanied by a request to remove any “conflicts of interest” […]

Technology

Jack Ma and Tencent boss lost tens of billions of dollars because of Beijing’s blow

Since the Chinese government launched a campaign to tighten control of the technology industry, the personal assets of Jack Ma and Tencent Chairman Pony Ma have plummeted. Follow Bloomberg Billionaires IndexPony Ma’s total assets decreased by nearly 14 billion USD since Jack Ma’s Ant Group canceled its initial public offering (IPO) in November 2020. Currently […]