Caricatures and drawings on Forex portal

Jack Ma loses control over Ant Group

Open trading account

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Offer your friend to read

Jack Ma, the billionaire founder of Alibaba, has paid a heavy price for criticizing the financial policy of the Chinese regulator. He was forced to cede control over the fintech company Ant Group.

In 2020, Ma sharply criticized China’s financial sector. He accused China's state-owned banks of having a "pawnshop mentality" and of stifling innovation. According to Alibaba’s founder, new players in the sector could instead provide loans to innovative companies and individuals that are low on collateral. After such scathing criticism, Ma disappeared from public life, was forced to leave China, and began to lose control of parts of his business empire, such as Ant Group.

Chinese authorities ruled that Jack Ma must give up voting rights in the company to the 10 largest shareholders. This would reduce his stake in Ant Group to just 6.2%. Before the adjustment, he had a 53.46% stake in Ant Group alongside three other investors.

According to earlier reports, Jack Ma was living in Japan as of late November 2022, keeping a low profile. From his team, the businessman only moved his personal chef and security guards to Tokyo.

Back