Chinese billionaire Jack Ma, founder of ecommerce giant Alibaba, is stepping down as president of the elite business school he founded after being caught in a Beijing clampdown on tech titans, the Financial Times reported.
Ma, formerly one of China’s most flambouyant entrepreneurs, has largely disappeared from public view since Alibaba’s fintech arm was investigated and fined by regulators for alleged monopolistic practices.
The report cited sources saying that Hupan University — an elite academy for Chinese business executives established in Ma’s hometown of Hangzhou in 2015 — has changed its name and will restructure its curriculum.
Ma will not hold any high-level title at the restructured organisation, the report said, as Beijing seeks to limit his influence.
The FT also reported last month that Hupan University was forced to suspend new student enrollments after sustained pressure from Beijing to dismantle Ma’s fintech empire.