Tech Insider: Jack Ma to Cede Control of Ant Group, Tesla Slashes Prices Again

Welcome to Caixin’s Tech Insider, your twice-weekly wrap on the movers, shakers and deal-makers in China’s tech scene.

Jack Ma to relinquish control of Ant Group

Chinese billionaire Jack Ma will no longer control Ant Group Co. Ltd. as the Alibaba-affiliated fintech giant begins reshaping its shareholding structure.

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