Chinese billionaire Jack Ma is no longer the leading shareholder in his fintech company Ant Group.
Jack Ma controlled nearly 54% shares. The Chinese financial behemoth Ant Group will no longer be under the leadership of Alibaba co-founder and CEO Jack Ma.
According to Reuters, the shareholders of the fintech firm approved a set of changes that will result in the billionaire’s exit from Ant Group. Ant Group’s anticipated $37 billion IPO in Hong Kong in 2020 had been halted by Chinese regulators.
Ant Group said in a statement that it is adjusting its ownership structure in a way so that “no shareholder, alone or jointly with other parties, will have control over Ant Group.”
Previously, roughly 54% of the company’s shares were indirectly owned by Jack Ma. The Chinese minority will only control about 6.2% of the voting power in the corporation after changes to the organizational structure.
Since the founder of Alibaba made comments against government regulating practices, Chinese regulators have not been kind to him. A $2.75 billion fine was previously imposed on Alibaba for allegedly unfair business practices.
WILL ANT GROUP CONTINUE TO INVEST IN METAVERSE?
Alibaba and Ant Group, both Chinese businesses, both have some investments in metaverse. Alibaba contributed $60 million to the Chinese manufacturer of augmented reality glasses Nreal in May of last year.
Throughout the year, Ant Group maintained its bullish stance on the metaverse and virtual reality. However, it will be interesting to see how the fintech juggernaut will approach metaverse now that Jack Ma has stepped down as the company’s largest shareholder.
Alibaba’s founder completely vanished from the public eye in 2021 after Chinese regulators savaged Ant Group’s IPO and scrutinized his other businesses.
Where Jack Ma has been living for the past few months has been the subject of numerous reports. The Chinese millionaire was reportedly seen mingling in Bangkok this week, according to Reuters.
Jack Ma has not spoken out in the public since he criticized Chinese banking officials in Shanghai in 2022. Jai Pratap is a cryptocurrency and blockchain enthusiast who has worked with numerous big media organizations for more than three years.
His current responsibilities at Coingape involve meeting strict deadlines while producing high-impact web pieces. He enjoys watching Swedish movies and reading works of Russian literature when not working.
