Lagatar24 Desk
New Delhi, Jan 7: Jack Ma, the founder of Ant Group, will no longer be in charge of the Chinese fintech giant after the company’s shareholders decided to undertake a series of changes that will result in him giving up most of his voting rights, according to a report.
“No shareholder, alone or jointly with other parties, will have control over Ant Group after the adjustment,” the company said in a statement.
The choice was made following a regulatory crackdown that derailed Ant Group’s 37 billion dollar IPO in late 2020 and forced the financial technology giant to restructure.
After the billionaire criticised banking regulators and state-owned banks in October, the Chinese government halted Ant Group’s IPO.
He had called the regulators ‘old man’s clubs’ for ‘stifling innovation’ and equated international banking regulations to them. Ma also called Chinese banks ‘pawn shops’ and criticised China for having a weak financial system.
