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Chinese Billionaire Jack Ma To Relinquish Control Of Ant Group

 |  January 8, 2023

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.

Read more: China Tells Alipay Operator Ant Group To Separate app Lending Business

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.