Billionaire Jack Ma is no longer in control of fintech company Ant Group

Jack Ma had to fight with the Chinese government: Billionaire Jack Ma is no longer in control of the fintech company Ant Group

Jan 7, 2023 - 16:52
Billionaire Jack Ma is no longer in control of fintech company Ant Group

Now the command of Fintech Giant Company Ant Group has been snatched from the hands of China's Billionaire Jack Ma. According to a Reuters report, Ant Group said on Saturday that Jack Ma is no longer in control of the company. Jack Ma was the founder of Ant Group and it was he who took this company to heights.
According to the report, the company said that Jack Ma's voting rights have also been greatly reduced. Jack Ma once held 50% of the voting rights in Ant Group, which has now come down to 6.2%. At the same time, Jack Ma's stake in Ant Group has come down from 50.5% to just 10% now.
Ant Group is an affiliate of China's giant e-commerce company Alibaba. Actually, Jack Ma has found it costly to mess with the Chinese government. He was once the richest man in Asia, but today his condition has worsened. Jack Ma became Asia's richest man in March 2020 by overtaking Mukesh Ambani, but his difficulties increased after a statement made about the Chinese government.
Last year, there was a significant decline in Jack Ma's net worth. According to the Bloomberg Billionaire Index, Jack Ma's net worth is now $ 34.1 billion and he has come at number 34 in the list of the world's richest.
Reliance Industries Chairman Mukesh Ambani is the 2nd richest man in Asia and 8th richest man in the world with a net worth of $86.8 billion. Gautam Adani, chairman of the Adani Group, is the richest man in Asia with a net worth of $117 billion. At the same time, Adani is number three on the list of the world's rich.
Recently there was news that Jack Ma has been living in Central Tokyo for about 6 months. In the year 2021, when the news of Jack Ma's disappearance came to the fore, everyone was shocked. Jack Ma accused China's banks of having a mentality like money lenders.
Actually, Jack Ma came under the target of the government in a meeting on 24 October 2020. The biggest officials of Chinese politics and economy were present at this meeting. In this, Jack Ma criticized Chinese banks. He had said, 'Chinese banks demand some mortgage for funding. Due to this, new technologies do not get funds and new experiments stop.
Jack Ma also described the Chinese rules as an obstacle in the way. According to the Wall Street Journal, when Chinese President Xi Jinping came to know about Jack Ma's words, he became very angry. He ordered Jack Ma to disappear from the scene. It was from here that all the officers of the Chinese government fell behind the Alibaba founder like forty thieves.
Since then, Jack Ma's companies Ant Group and Alibaba are facing a lot of difficulties. Ant Group's $37 billion IPO was called off. Along with this, Jack Ma's Alibaba was also fined $ 2.8 billion.
Ant Group's IPO was suddenly suspended in late 2020, sending shockwaves in the market. Alibaba holds a 33% stake in Ant Group. The fintech company prepared for dual listing on both the Shanghai and Hong Kong stock exchanges and raised $34.5 billion in its pre-IPO fundraising round. This IPO was considered the biggest in history and generated a lot of interest among investors.
However, on November 3, 2022, the Shanghai Stock Exchange announced that it had suspended Ant Group due to significant changes in the financial technology regulatory environment. After this, the Hong Kong Stock Exchange also announced the suspension of Ant Group.

Muskan Kumawat Journalist & Writer