Jack Ma: Once Asia’s richest man, Jack Ma’s troubles are mounting. He was reported missing for a long time but last 2 months it was reported that he was living in Japan. Now Jack Ma has received another big blow. Ant Group founder Jack Ma has lost control of his own company. Now his stake in And Group has been reduced to 10 per cent and its controlling rights have been taken away.
The news was confirmed by the report of the Year Committee
Jack Ma, the Chinese billionaire and founder of e-commerce giant Alibaba, will lose his voting rights, Ant Group said in a statement this morning. The fintech firm has adjusted its shareholding structure so that billionaire Jack Ma has no ownership or voting rights in the company. The company said in its statement that the shareholders of the group have agreed to such restructuring, which will end all voting rights of Jack Ma.
A further wait for the Ant Group IPO
AFP has confirmed that Jack Ma’s most prized possession has left his hands. ANT Group’s shareholder shake-up could mean a longer wait for its already long-awaited IPO. In 2021, the Chinese government blocked Ant Company’s blockbuster $37 billion IPO. It also fined Alibaba $2.8 billion for violating the rules.
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Jack Ma’s troubles began
Although the move will not affect the financial position of Ant Group’s shareholders, the news is a setback for Jack Ma. Because his voting rights in the company where he had the biggest contribution to build the company has now come from 50 percent to 6.5 percent. Jack Ma’s troubles began in 2020 when he criticized the Chinese government. After that his property value also decreased.
His companies have come under attack after criticizing the Chinese government
Jack Ma criticized China’s repressive policies in 2020. He criticized China’s financial deregulation, comparing state-owned banks to usurers. He alleged that public sector banks have a pawnshop mentality. He also raised questions about the International Financial Regulation Agreement. Since then, the Chinese government has continued to attack and crack down on the companies he created, Ant and Alibaba.
Read more | Watch: Missing Jack Ma Returns: What Happened to the Alibaba Co-Founder?
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