Billionaire Jack Ma to cede control of China’s Ant Group | TechnologyNews
Business magnate Jack Ma, who controlled more than 50 percent of the fintech giant’s shares, will now hold just 6.2 percent.
Chinese business magnate Jack Ma will cede control of fintech giant Ant Group after a Communist Party crackdown on the nation’s tech sector that targeted the billionaire.
The company said in a statement on Saturday it was adjusting its ownership structure so that “no shareholder, alone or jointly with other parties, will have control over Ant Group”.
In November 2020, Ant’s $37bn initial public offering (IPO), which would have been the world’s largest, was canceled at the last minute.…