Despite not being on the board of directors or involved in day-to-day operations, Ant held 50% of Ant’s voting rights.
Jack Ma, a Chinese billionaire, has lost control over Ant Group. According to the Wall Street Journal the company, which is a subsidiary to Alibaba, has announced that it will end the arrangements that allowed Ma to retain a dominant position within Ant Group’s management structure.
Ma’s investments together accounted to 50.5 percent of Ant Group’s shares. Ant stated that Ma and nine other executives will have voting rights independently of one another in the future.
Despite not being on the board of directors or involved in day-to-day operations, Ant held 50% of Ant’s voting rights.
Reuters estimates that Ma will hold 6.2 percent of Ant Group once the company implements changes announced over weekend.
Chinese regulators blocked the IPO, and demanded that it revert to its former status as a payment provider. Alibaba was fined $2.8 million for monopolistic activities a year later.
After Ant’s public listing at $34 billion in value, Ma was subject to Chinese authorities. He had referred during a speech given in Shanghai to China about the country’s banks being government soldiers.
Ma has not been seen in public since.