Ant Group: Jack Ma relinquishes control of the fintech giant

Jack Ma

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Jack Ma, the billionaire founder of Ant Group, is set to relinquish control of China’s fintech giant after a crackdown by the country’s regulators.

Ant Group said that after the change, no one would have full control of the group.

Ma, once known for his raucous public appearances, has become a rarity to see since his criticism of China’s financial sector in 2020.

After this criticism, the planned flotation of “Ant Group” shares on the stock exchange came to an abrupt halt.

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