Leading businessman Jack Ma to relinquish control of Beijing Ant Group. Jack Ma has agreed to relinquish his powers over the company in talks with shareholders. This is a continuation of the setbacks faced by Chinese billionaire Jack Ma, the founder of e-commerce giant Alibaba. According to Saturday’s announcement, Ant Group will be controlled by a ten-member team. With this, Jack Ma will step down as the head of Ant Group, the world’s largest fintech platform.
Jack Ma disappeared from public forums after a speech criticizing the government’s actions. Chinese regulators have been criticized for wasting time and discouraging new ideas. After this, the government ordered an investigation against Alibaba.
The Chinese government also blocked Ant Group’s $3.7 billion IPO in Shanghai and Hong Kong. He did not appear in public for months afterward. After facing heavy setbacks, he would withdraw from direct supervision of the company. With this, the stock market experts believe that the restrictions imposed by the government on the company will be eased.
English Summary: Jack Ma to give up control of Ant group after China’s crackdown