Jack Ma, billionaire founder of Alibaba Group, arrives at the "Tech for Good" Summit in Paris, France May 15, 2019. REUTERS/Charles Platiau/File Photo/File Photo/File Photo
Ant Group’s founder Jack Ma will no longer control the Chinese fintech giant after the firm’s shareholders agreed to implement a series of adjustments that will see him give up most of his voting rights, the group said on Saturday.
The move marks another big development after a regulatory crackdown that scuppered Ant’s $37 billion IPO in late 2020 and led to a forced restructuring of the financial technology behemoth.