Famous billionaire Jack Ma hands over control of his company

Chinese billionaire Jack Ma has decided to cede control of financial technology company Ant Group.

Ma’s voting stake in the company, which exceeds 50 percent, will drop to 6.2 percent, according to a statement from online payment and credit firm Ant Group.

In the news published today in the British Financial Times, attention was drawn to the pressure exerted by the Chinese administration on technology companies in recent years, and it was stated that the IPO of the company, which was blocked in November 2020, it could be paved with Ma’s transfer of control.

In a July 2021 report in the Wall Street Journal, one of the leading US business newspapers, it was written that Ma plans to cede control of the company as part of an attempt to separate Ant Group from the parent company. Alibaba Group Holding.

2 YEARS AGO ALL THE PLANS PRESENTED

In November 2020, Ant Group was on the brink of a $37 billion initial public offering. The company’s owner, Chinese businessman Jack Ma, was about to complete the most successful job of his life. However, things changed abruptly after Ma’s statement criticizing China’s regulatory institutions.

Following this speech, the Beijing administration suspended Ant Group’s IPO process and imposed historic fines on Alibaba, Ma’s e-commerce company, for violating competition law. It was reflected in the press that Ma preferred to live in Tokyo, the capital of Japan, rather than China.