Ant Group, the Chinese fintech giant announced over the weekend that Jack Ma, the billionaire entrepreneur is to relinquish his control of the company.
In a statement, the business said that after an ownership restructuring, “no shareholder, alone or with other parties” will have “control over Ant Group”.
Jack Ma previously has more than 50 per cent of voting rights at Ant, but with these changes his share in the company will fall to just 6.2 per cent, according to Reuters calculations. Ma currently owns a 10 per cent stake in Ant.
