Chinese billionaire Jack Ma will give up control over Ant Group, Alipay’s owner. Alibaba’s subsidiary announced that it was ending the agreements that allowed Ma the dominant position within the Ant Group’s corporate governance structure. Although he was an outspoken businessman, he did not sit on Ant’s board of directors nor participate in its day-to-day operations. Ant Group is influenced by Ma’s influence, which has seen a handful of investment vehicles hold a combined 50.5% stake in the fintech company.
Ant indicated that Ma and nine other executives/workers of the company would have voting rights that they had agreed to use in isolation. After the company implements the changes announced over the weekend, Ma will own 6.2% of Ant Group shares.
What was the date for Ant’s initial public offering in 2020? Ant was due to hold it just before Ant was to raise record $34 billion. During a speech in Shanghai, he called China’s banks “state owned pawnshops”. Chinese regulators blocked Ant’s IPO and ordered Ant shut down. The company was ordered to go back to its roots as a payment provider. The authorities finally arrived one year later. Ma, the other company, was awarded $2.8 billion following an antitrust investigation into the company’s monopolistic practices. Since then, Ma has remained out of the public eye.
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