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Chinese Billionaires Donate to Charity
The Chinese startup Xiaomi has just completed its maiden e-commerce livestream, generating $30 million in sales and attracting 50.5 million viewers. The livestream, conducted on Chinese short-video platform Douyin, a local version of TikTok, focused on selling Xiaomi-branded products, including the Mi 10 Ultra. Lei Jun gave away $2.2 billion in company shares to the Xiaomi Foundation.
Xiaomi’s CEO Lei Jun took part in a livestream on Douyin
In his keynote speech, Xiaomi’s CEO Lei Jun admitted that the company has plenty of cash to burn. He said the company possesses Rmb108 billion in cash equivalents. He explained that this money is sufficient to invest without hesitation. To see also : How TikTok Ruined Songs. The fact that Xiaomi has so much cash means that the company can afford to make losses. Moreover, Lei said that the new logo represents the company’s internal spirit.
While the electric car division of Xiaomi is currently in the initial stages of development, the company is already working on an electric car. The first one will be a mid-range or superior-end model, according to the company. In the livestream, Lei also discussed the brand’s future in the electric car market. It is noteworthy that the company is an early investor in electric vehicles.
The livestream also helped Lei Jun establish himself as a high-profile internet figure in China. Lei Jun said that his first livestream generated $30 million in sales and attracted 50 million viewers. He revealed the number of viewers in a microblogging site. The company also announced the appointment of four senior Xiaomi executives to its partner team, its top decision-making body.
He gave away $2.2 billion in company shares
The CEO of Alibaba, Jack Ma, has given away $2.2 billion worth of company shares in exchange for government favors. The company’s founder and co-founder, Alibaba, is the richest Communist in the world. On the same subject : How to Deactivate Your TikTok Account Temporarily. In the past, he has said he would donate his entire business portfolio to the CCP. In light of the tumultuous situation China is in, it’s possible that Alibaba is trying to distance itself from Beijing. In addition to putting its $100 billion industry at risk, Chinese entrepreneurs have been using donations to win government favor.
In China, some high-profile deals have been put on hold when Chinese regulators stepped in. An IPO by the e-commerce company Xiaohongshu and a merger of video game streamers valued at $6 billion each were canceled after the country put greater scrutiny on the deals. Meanwhile, some tycoons are giving away billions of dollars to help charities, including Xiaomi Corp. co-founder Lei Jun who donated $2.2 billion to two foundations and Wang Xing, who donated 2.3 billion to a charity.
He gave away $2.2 billion in company shares to the Xiaomi Foundation
Alibaba CEO Lei Jun recently gave away $2.2 billion in company shares to charity. In addition to the donation, Lei founded the Xiaomi Foundation. See the article : How Do You Get More Followers on TikTok?. Xiaomi, the world’s second largest smartphone vendor, is the only Chinese company to donate so much money to charity. The Xiaomi Foundation’s chairman, Lei Jun, isn’t the only Chinese billionaire to donate to charity.
While the charitable donations are unlikely to placate the Chinese government or allow tech companies to get a pass on the regulatory wrath, they can act as grand public gestures and send signals to the government that their priorities align with those of the ruling party. There’s no guarantee that a sudden outburst of gift-giving will keep billionaires out of the spotlight in the eyes of Xi Jinping, but they shouldn’t hurt their prospects. Beijing’s five-year economic plan is largely centered on improving public welfare and reducing social inequality.
A crackdown on fake goods has spooked some investors. Alibaba, a Chinese company, was hit with a record-breaking $2.8 billion penalty a few weeks before. Chinese regulators are focusing on public welfare and reducing social inequality, but the crackdown is still going on. Nevertheless, Chinese companies are a great way to help improve the lives of poorer people.
