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Billionaire Jack Ma Is Giving Up Control of Ant Group

  • Ant will give 10 individuals voting rights independently
  • Adjustment will not change shareholders’ economic interests
Jack Ma 
Jack Ma Photographer: Qilai Shen/Bloomberg
Updated on

Jack Ma is giving up controlling rights of Ant Group Co., as the billionaire further retreats from his online empire following China’s unprecedented tech crackdown. 

The company is offering 10 individuals, including the founder, management and staff, voting rights independently, effectively removing Ma’s control of Ant, according to an announcement on Saturday. The adjustment will not change economic interests of any shareholders.