Jack Ma is giving up controlling rights of Ant Group Co., as the billionaire further retreats from his online empire following the country’s unprecedented tech crackdown.
The company will give 10 individuals, including the founder, management and staff, voting rights independently, effectively removing Ma’s voting control of Ant, according to an announcement Saturday. The adjustment will not change economic interests of any shareholders.
Ma has mostly disappeared from public view since giving a speech that criticized regulators on the eve of the scuttled Ant listing in 2020. Many of his peers have relinquished their formal corporate roles and increased donations to charity to align with President Xi Jinping’s vision of achieving "common prosperity.”