Chinese tech billionaire Jack Ma will give up control of Ant Group after a Communist Party crackdown on the country's tech sector.
abc.net.au/news/alibaba-billionaire-jack-ma-give-up-control-china-ant-group/101835568E-commerce billionaire Jack Ma will cede control of fintech giant Ant Group, the leading Chinese financial technology provider he founded.He has maintained a low profile since criticising regulators’ attitude to tech companies two years ago
The move comes after Chinese regulators suddenly pulled the plug on the company's stock market debut two years ago, and a crackdown on the nation's tech sector targeting the outspoken entrepreneur. Rewind to November 2020, Ant's $US37 billion initial public offering , which would have been the world's largest, wasIt led to a forced restructuring of the financial technology firm and speculation Mr Ma would have to cede control.
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