The sudden cancellation of Ant Group’s IPO shocked investors, but Beijing's slapdown of Jack Ma was years in the making. And Alibaba and Ant aren't the only tech firms under scrutiny by Chinese regulators
There's a fundamental difference between how China and US operates. In America, Money gives you Power; in China, Power gets you Money. No matter how wealthy you are in China, without the political backing you are nothing. Whereas in the US, no matter how capable you are as a politician, without the support of major donors to finance you, you wouldn't get very far either.
Mbr>Although another key difference is the one party system vs. multi-party, in China, if you lose a political battle you often find yourself in jail or losing everything you built; in America losing one battle usually just means you need to prepare better for the next one, they don't look to end your career.