Jack Ma Steps Down as Chairman of Chinese Fintech Giant Ant Group
Chinese tycoon Jack Ma is handing up control of Ant Group, which owns Alipay. According to The Wall Street Journal, the Alibaba-affiliated firm declared that it will terminate agreements that permitted Ma to maintain a dominating role inside Ant Group’s corporate governance structure. The outspoken entrepreneur formerly held more than half of Ant’s voting rights, despite not sitting on the company’s board of directors or being engaged in day-to-day operations. Ma exerted power over Ant Group via a number of investment companies that had a combined 50.5 percent interest in the fintech behemoth.