A poem by a poet of the Tang Dynasty, about the phenomenon of burning books in the Qin Dynasty. “What CEO Wang posted is an anti-government poem. It shows that he is under a lot of pressure because of the investigations,” said Hao Hong, an analyst at Bocom International in Hong Kong. CEO Wang deleted the post on May 9 and denied the above rumor. He claimed to only use the verse to refer to the company’s competitors. A spokesperson for Meituan made a similar comment. Mr. Wang Xing, CEO of Meituan. Photo: China Daily. In October 2020, billionaire Jack Ma publicly criticized the Chinese banking system. As a result, Jack Ma’s startup Ant Group was forced to stop its $35 billion listing, Alibaba was investigated and fined $2.8 billion for violating antitrust laws. “Many people think that the poem posted by Wang Xing is a criticism similar to what Jack Ma said. This is not the time for Chinese businessmen to raise their voices.” Bloomberg quoted Kerry Goh, Investment Director of Kamet Capital Partners as saying. In recent years, the Chinese government has tightened supervision of technology companies. The Hang Seng Technology Index is down a record 30% from its peak in February. Meituan is also the subject of investigation by Chinese authorities for monopolistic behavior. Meituan is accused of forcing merchants to sign exclusive business contracts on its platform. On May 10, the Shanghai Consumer Council criticized Meituan for infringing on the rights of consumers.

Huang Zheng, founder of Pinduoduo (left) and Wang Xing, founder of Meituan – Photo: Bloomberg/Getty Images. Huang Zheng, founder and CEO of e-commerce firm Pinduoduo, and Wang Xing, founder and CEO of food delivery platform Meituan, have seen their fortunes plummet after being criticized by an activist group for consumers. According to Forbes, the share price of this Pinduoduo 11/5 fell more than 9%, “blowing” $ 4.3 billion from Huang Zheng’s assets. The founder of Pinduoduo is currently worth $42.9 billion according to Forbes’ real-time statistics, making him the 4th richest person in China. Meanwhile, Wang Xing’s fortune fell by $2.5 billion as investors continued to sell off Meituan shares in the May 11 session. The share price fell another 5.3% after falling 7.1% in the previous session. Wang is currently worth $19.5 billion. A day earlier, the Shanghai Consumer Council said it had convened both Pinduoduo and Meituan. The organization criticized Pinduoduo for its poor quality goods, rampant counterfeiting on the company’s e-commerce platform, and poor after-sales service. The organization also condemned Meituan for issues with refunds, failed food deliveries and misleading content on the company’s platform. The statement of the Shanghai Consumer Council comes as the Chinese government is tightening control of the country’s largest technology firms. Last week, Wang was also criticized after posting a poem of a Tang poem allegedly intended to criticize the Chinese government on the social network Fanfou. The poem titled The Book of the Dead (Book Burning Pit) by poet Zhang Jie, written at the end of the Tang Dynasty, condemns Qin Shi Huang’s act of burning books to control people’s thoughts and suppress the mind. awake. The poem is meant to mock Qin Shi Huang for seeing academia as the greatest threat, but his reign was eventually overthrown by non-intellectuals. A few days later, Wang deleted the post, explaining that the poem was just a reminder that “the most dangerous enemies are often the ones we least expect”. The 42-year-old CEO also added that Meituan’s biggest rival appears to be Ele.me but is in fact “unnoticed companies and business models that are disrupting the food delivery industry”. Late last month, Beijing’s anti-trust authority officially launched an investigation into Meituan’s alleged request for sellers to be allowed only the Meituan platform or another competitor. Since then, the company’s stock price has fallen by nearly 18 percent. On Weibo, many Chinese netizens compared Wang’s posting of the poem to Jack Ma’s speech criticizing the financial management system in October 2020. The co-founder of Alibaba at the time even said bluntly that Chinese banks operate like “pawn shops”. Jack Ma’s speech is said to spark a series of strong moves by Chinese authorities against Alibaba as well as its subsidiary Ant Group. Ant’s “big” IPO was suspended a few days later. And Alibaba was fined a record $2.8 billion for monopolies last month.

Unlike Elon Musk, the co-founder of Facebook doesn’t usually share his investments on his personal page. According to the Livecoins This is the first time Facebook CEO has posted content publicly, specifically referring to the name Bitcoin, the most expensive cryptocurrency in the world today. The latest post implies that Zuckerberg is interested in Bitcoin. Some have suggested that Mark wants to reverse the price of Bitcoin like Elon Musk is doing with Dogecoin and some cryptocurrencies, even though the billionaire has never confirmed an investment or bought Bitcoin. Zuckerberg’s post shared the names of two goats, Max and Bitcoin. Screenshots. In addition, combining the two words Max and Bitcoin in the name of Zuckerberg’s 2 goats to create Max Bitcoin. This is a term for a person who buys Bitcoins to increase their distribution in a portfolio (maximize Bitcoin). Zuckerberg seemed intentional by naming the goats Max and Bitcoin, but it could also be a coincidence. Another interesting thing is that the word GOAT (goat) in English stands for Greatest of All Time (greatest of all time). Originally Zuckerberg’s post was “My goats: Max and Bitcoin”, which could mean Max and Bitcoin are the names of two goats, or Max and Bitcoin are the two “greatest of all time” for Zuckerberg. Member kylelock8788 on the Reddit forum also pointed out Max in the name of journalist Max Keiser, who always made a statement in favor of Bitcoin. More and more companies are investing in Bitcoin. At the end of April, Korean gaming company Nexon said it bought 1,717 BTC with an average price of $ 58,226 / VND. Previously, Meitu, a popular photo-editing app developer in China, revealed that it spent $ 100 million on Bitcoin and Ethereum. In February, billionaire Elon Musk’s Tesla electric car bought $ 1.5 billion in Bitcoin. The company then sells 10% of the Bitcoin to prove the cryptocurrency’s liquidity. In 2020, the price of Bitcoin increases by nearly 300%. From the beginning of 2021 until now, the price of the largest cryptocurrency in the world has continued to increase by 95%. In early April, Bitcoin peaked at $ 63,000 but then dropped below $ 60,000. According to the Coindesk Bitcoin price as of May 11 is over $ 56,000. The high cost of Bitcoin mining Since the advent of cryptocurrencies, the amount of electricity needed for mining has increased significantly. This leads experts to believe that mining cryptocurrency is not environmentally friendly.