One of the wealthiest businessmen in the United States is praising the Chinese government for firmly reining in Jack Ma.
The Boss is Xi: In a CNBC interview, Berkshire Hathaway Inc (NYSE: BRK-A) Vice Chairman Charlie Munger applauded the Communist Party-led government for blocking Ant, a subsidiary of Ma’s Alibaba Group Holding Ltd, from launching an initial public offering (NYSE: BABA).
Since giving a speech last October criticizing China’s authorities, Ma has been noticeably absent from public view.
Munger stated, “Communists did the right thing.” “They immediately called in Jack Ma and said, ‘You’re not going to do it, sonny,'” says the narrator.
Beijing regulators, according to Munger, can educate their Washington colleagues how to “move in preemptively to halt speculation.”
“I don’t want the entire Chinese system, but I would certainly want to have the financial component of it in my own country,” Munger, whose net worth is believed to be $2.2 billion, stated.
Also see: Where Is Alibaba’s Jack Ma, And What Is He Doing?
With Love from Wuhan: Munger also praised China’s government for its handling of the COVID-19 outbreak.
He explained, “They basically shut down the country for six weeks.” “And it turned out to be the exact right decision.”
Warren Buffett, Munger’s boss, also spoke up during this segment of the CNBC interview, offering a unique perspective on the pandemic’s influence on the US economy.
“I’m not sure how many, but hundreds of thousands or millions of small enterprises have been severely harmed,” Buffett said. “However, unless they happen to be in cruise lines or hotels or something, most of the large, enormous firms have overwhelmingly done great.”
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