Billionaire Jack Ma will give up control of Chinese fintech giant Ant Group
According to a report, Ant Group founder Jack Ma will no longer control the Chinese fintech behemoth after the firm’s shareholders decided to undertake a series of changes that would see him give up most of his voting rights.
“After the adjustment, no shareholder, alone or along with other parties, would have control over Ant Group,” the business stated in a statement.
The move follows a regulatory crackdown that scuttled Ant Group’s 37 billion-dollar IPO in late 2020 and forced the financial technology powerhouse to restructure.
In October, the Chinese government halted Ant Group’s initial public offering (IPO) after the billionaire criticised financial regulators and state-owned banks.
He had lambasted the regulators for “stifling innovation” and compared global banking laws to an “old man’s club.” Ma also chastised China for its lack of a stable financial environment, comparing Chinese banks to “pawn shops.” His criticism of Chinese officials cost him a lot of money at the time. Since then, Chinese authorities have turned on him.
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