Ant Group, Jack Ma relinquishes control of the tech and financial giant he founded
Jack Ma, the owner of Alibaba, is giving up control of the Ant Group. China’s most famous billionaire has been at odds with the Beijing regime for years
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Jack MaAnd the technogoro and the Chinese billionaire, Relinquishes control of financial giant Ant Group founded it. As of 2020, Jack Ma’s business activities have been under x-ray since then Beijing system His activities ceased after some criticism he made of the authorities.
Jack Ma loses control of the ant group
The sale was announced through a note issued by Ant Group. After changing the share So Jack Ma will lose control From the company he founded in 2014.
“No shareholder, alone or with any other party, will control the Ant Group,” the statement reads.
Jack Ma “indirectly” controlled 53.46% of the shares. After the sale, its stake collapses to 6.2% Voting rights.
“This amendment was implemented to enhance the stability of our corporate structure and the long-term sustainability of our development,” the statement read.
The tension between Jack Ma and Xi Jinping
In 2020, the Beijing authorities The Ant Group was banned from listing on the Hong Kong Stock Exchangeafter some Biting comments Jack Ma crossed out against the Chinese regulators.
Image source: Ansa
Jack Ma at the Vivatech conference in Paris, May 16, 2019.
After some antitrust audits, so were Jack Ma’s companies He was fined $3 billion.
Jack Ma is an example of A self-made mana self-made billionaire modeled after Western digital entrepreneurs like Steve Jobs, Bill Gates, and Jeff Bezos.
But he was born poor He starts his career as simple English teacherbut this Passion for technology It leads him to get closer to the digital world.
within a few years Create an empireAnd Alibaba Groupwho manages E-commerce, social networks, financing and money transfer platforms.
Why is the regime afraid of Jack Ma?
The Chinese establishment’s hatred of Jack Ma began five years ago when banks saw deposits drop due to the advances of Yu’e Bao, a system invented by Jack Ma.
With the system created by Ma, any user, even if they are new to technology and finance, can put their money into an investment fund without going through intermediaries, with just a few clicks on a mobile phone.
Scheme Beijing does not tolerate this worldBusiness seeks to free itself from the control of politics. It will not tolerate a businessman trying to steer Chinese public opinion at home and abroad.
Moreover, banks are one of the pillars of the Chinese system, and challenging its dominance means attracting hatred for the government.
The IPO (initial public offering of shares) that Ma decided would be the largest in the world, roughly equivalent to $35 billion. But Beijing’s hand blew everything up at the last moment.
After Beijing Jack Ma stumbled who He loved to entertain the public In shows during which he presented life’s constants, he withdrew from the scene and his public appearances became extremely rare.
Image source: Ansa
“Explorer. Devoted travel specialist. Web expert. Organizer. Social media geek. Coffee enthusiast. Extreme troublemaker. Food trailblazer. Total bacon buff.”
