When you are running the world’s largest retailing company, much bigger than Amazon or Walmart, you are expected to be political while dealing with a person like Donald Trump or a nation like the US. Nonetheless, Alibaba founder seems to have defied this logic and told Trump directly from a major forum that no one is stealing your job and that United States was spending far too much in its wars too less on its infrastructure and industries.
I fail to comprehend that any Indian company CEO aspiring to expand its business in the US will be able to say it so clearly and unambiguously at a time when a xenophobic personality is taking over the reins of the White House.
The Chinese billionaire, whose company in one day sold merchandise worth more than $14 billion, met Donald Trump earlier this month. Trump has been claiming that China is taking away the US jobs from the Americans.
While speaking at the World Economic Forum in Davos, Jack Ma said, “Over the past thirty years, the Americans had thirteen wars spending 40.2 trillion dollars…What if they spent a part of that money on building up the infrastructure, helping the white-collar and the blue-collar workers? No matter how strategically good it is, you’re supposed to spend money on your own people.”
If that was not enough he went on to add, “And the other money which I’m curious about is that when I was young, all I heard about America was Ford and Boeing and those big manufacturing companies. The last 10-20 years, all I heard about is Silicon Valley and Wall Street…And what happened? The year 2008: the financial crisis wiped out 19.2 trillion dollars in the USA alone and destroyed 34 million jobs globally. So what if the spent on Wall Street and the Middle East was spent on the Mid-West of the United States, developing the industry there? That could change a lot.”
Alibaba’s market value is close to US$250 billion. The company’s IPO in USA initially raised US$21.8 billion, which later increased to US$25 billion, making it the largest IPO in history. Alibaba’s consumer-to-consumer portal Taobao, similar to eBay.com, features nearly a billion products and is one of the 20 most-visited websites globally. The Group’s websites accounted for over 60% of the parcels delivered in China by March 2013, and 80% of the nation’s online sales by September 2014. Alipay, an online payment escrow service, accounts for roughly half of all online payment transactions within China. The company owns a major part of India’s leading ecommerce and e-wallet company Paytm.