Chinese Billionaire Jack Ma gives up control of the Fintech Giant Ant Group
Jack Ma, Alibaba’s co-founder and CEO, will no longer be able to control the Chinese fintech giant Ant Group. According to Reuters, the shareholders of Fintech giant Ant Group voted to make a number of adjustments that will result in Jack Ma’s departure.
Ant Group’s $37 billion IPO in Hong Kong was stopped by Chinese regulators in 2020.
Ant Group shares were 53.46% owned by Jack Ma
Ant Group stated in a statement that it is changing its ownership structure so that “no shareholder alone or together with other parties will have control over Ant Group.”
Jack Ma was previously indirectly responsible for the company’s nearly 54% shareholding. The new structure has allowed the Chinese billioanire to hold only 6.2% of voting rights in the company. Since his comments about government regulations, Chinese regulators have not been kind towards Alibaba founder. For allegedly engaging in unfair practices, Alibaba was previously fined $2.75 million.
Will Ant Group invest in Metaverse again?
Both Ant Group and Alibaba, both based in China, have made investments in metaverse in some capacity. Alibaba invested $60 million last May in Nreal, a Chinese manufacturer of augmented reality glasses. Ant Group was bullish throughout the year on metaverses and virtual reality. It will be interesting to see how Jack Ma, the largest shareholder, approaches metaverse now that he is no longer with Ant Group.
Where is Jack Ma?
After Ant Group’s IPO was canceled by Chinese regulators, the founder of Alibaba disappeared completely from public view in 2021. His other businesses were also scrutinized. Many reports have claimed that Jack Ma has been living in China for the past several months. Reuters reported that Jack Ma, a billionaire Chinese, was seen in Bangkok this week.
Jack Ma has not made public comments since he attacked Chinese financial regulators in 2022 in Shanghai. .
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