Jack Ma, who doesn’t hold any titles at Ant, currently controls 50.52% of voting rights in the company. According to Bloomberg he could transfer some of his voting power to other Ant officials. Ant told regulators of Ma’s intention to cede control, adding in a statement that regulators didn’t demand the change but have given their blessing.
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Jack Ma Plans to Give Up Control of Ant
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The crushing of Ant’s $35 billion IPO in November 2020 sent shock waves across the financial world, burning investment firms from Carlyle Group Inc. to Temasek Holdings Pte that had expected a windfall. It also marked the beginning of a broader crackdown that ensnared some of China’s fastest-growing companies.
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