Jack Ma Gives Up Control of Ant Group

Billionaire's voting rights in fintech giant to fall to 6.2%
By Bob Cronin,  Newser Staff
Posted Jan 7, 2023 4:40 PM CST
Jack Ma Won't Be Controlling Ant Group
FILE - In this May 15, 2019, file photo, founder of Alibaba group Jack Ma arrives for the Tech for Good summit in Paris. Leading Chinese financial technology provider Ant Group announced Friday, Jan. 6, 2023, that its founder, e-commerce billionaire Jack Ma, will give up control of the company.   (AP Photo/Thibault Camus, File)

Ant Group announced Saturday that Jack Ma will no longer be in control of the Chinese fintech giant. The billionaire has no executive job or board seat at Ant but has continued to control the company through other entities. Ant Group is moving to cut its reliance on Ma, the Wall Street Journal reports. Under the agreement, per CNN, Ma and nine other major shareholders will only vote independently, no longer acting as a bloc when exercising their voting rights. That way, the company said, no shareholder would have "sole or joint control over Ant Group."

Ma co-founded Alibaba Group Holding and helped start Ant. Documents show he has held 50.52% of Ant voting rights through Hangzhou Yunbo and two other entities. His voting rights now will drop to 6.2%, per CNN. Ant is in the middle of an overhaul, after Chinese regulators blocked its $37 billion IPO in November 2020 and the company was told to restructure. The regulators did not mandate the change affecting Ma but approved it, per the Journal. The Chinese government's moves against Ant are part of a crackdown to limit the clout of internet giants, per the New York Times. (Read more Jack Ma stories.)

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