Ant Group, Jack Ma gives up control of the technological-financial giant he founded

Jack Ma, the owner of Alibaba, gives up control of Ant Group. China’s most famous billionaire has been at loggerheads with the Beijing regime for years

Posted on: 07-01-2023 16:16

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Jack Matechnoguru and Chinese billionaire, gives up control of the financial giant Ant Group founded by him. As of 2020 Jack Ma’s business activities are x-rayed since Beijing regime and his activities have been brought to a halt after some criticisms he leveled at the authorities.

Jack Ma loses control of Ant Group

The announcement of the sale was made through a note released by Ant Group. After the share change Jack Ma will therefore lose control of the company he founded in 2014.

“No shareholder, alone or with any other party, will have control of Ant Group,” the statement reads.

Jack Ma “indirectly” controlled 53.46% of the shares. After the sale, its stake collapses to 6.2% of voting rights.

“This adjustment is implemented to further strengthen the stability of our corporate structure and the sustainability of our long-term development,” the statement read.

Tension between Jack Ma and Xi Jinping

In 2020 the Beijing authorities have blocked the listing of Ant Group on the Hong Kong Stock Exchangefollowing some caustic comments expressed by Jack Ma against Chinese regulators.

Photo source: ANSA

Jack Ma at the Vivatech conference in Paris, May 16, 2019.

Following some antitrust audits, Jack Ma’s companies were fined $3 billion.

Jack Ma is an example of self made mana self-made billionaire modeled on Western digital entrepreneurs like Steve Jobs, Bill Gates and Jeff Bezos.

But he was born poor and begins his career as a simpleton English teacherbut his passion for technology leads him to approach the digital world.

Within a few years create an empire, Alibaba Groupthat manages e-commerce, social networks, financial and money transfer platforms.

Why the regime fears Jack Ma

The Chinese establishment’s antipathy towards Jack Ma began five years ago when banks saw a drop in deposits due to the advance of Yu’e Bao, a system invented by Jack Ma.

With the system invented by Ma, any user, even new to technology and finance, could put money into an investment fund without going through intermediaries, simply with a few clicks on the mobile phone.

The scheme of Beijing does not tolerate that the world ofbusiness seeks to free itself from the control of politics. And it won’t tolerate an entrepreneur trying to orient Chinese public opinion at home and abroad.

Furthermore, the banks are one of the pillars of the Chinese regime and challenging their hegemony means attracting the antipathies of the government.

The IPO (initial public offering of stocks) decided by Ma would have been the largest in the world, equal to about 35 billion dollars. But Beijing’s hand blew it all at the last minute.

After Beijing’s tripping Jack Ma, who he loved to entertain the public in presentations during which he gave maxims of life, he withdrew from the scene and his public appearances have become extremely rare.

Photo source: Ansa