Several tech companies have been investigated in the past few months over alleged monopolistic behavior or other breaches of consumer rights. The ongoing probe — which President Xi Jinping has personally endorsed as necessary to maintain "social stability" — has led to record fines for some tech titans and massive overhauls for others. More than $600 billion has been wiped off the value of the biggest tech stocks in recent months.
A couple of China's most successful entrepreneurs have quit high-level positions amid the turmoil. Zhang Yiming, the founder of TikTok owner ByteDance, recently announced he would step down as CEO at just 38 years old to take a less prominent role in the company. And Colin Huang, 41, said in March that he would resign as chairman of Pinduoduo (PDD), an upstart e-commerce company that competes with the likes of Alibaba. Meanwhile, Alibaba (BABA) co-founder Jack Ma — China's most famous tech entrepreneur — has largely dropped out of public view.