Image Source: AGENCIES

Date:- 07-01-2023
Watsupptoday Desk

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. No shareholder, alone or jointly with other parties, will have control over Ant Group after the adjustment. The decision comes after a regulatory crackdown that scuppered Ant Group's 37 billion dollar IPO in late 2020 and led to a forced restructuring of the financial technology behemoth. The Chinese government had stopped an IPO of Ant Group after the billionaire criticised financial regulators and state-owned banks in October. He had criticised the regulators for “stifling innovation” and compared global banking rules to an “old man’s club”. Ma also criticised China for lacking a solid financial ecosystem and pawn shops. His criticism of the Chinese authorities cost him big at the time. Since then, Chinese officials have turned the heat against him.