Caixin
Jan 07, 2023 06:25 PM
BUSINESS

Chinese Billionaire Jack Ma to Cede Control of Ant Group

(Bloomberg) — Jack Ma is giving up controlling rights of Ant Group Co., as the billionaire further retreats from his online empire following China’s unprecedented tech crackdown.

The company is offering 10 individuals, including the founder, management and staff, voting rights independently, effectively removing Ma’s control of Ant, according to an announcement on Saturday. The adjustment will not change economic interests of any shareholders.

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