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Jack Ma: The period of difficulties that started for Jack Ma, who was once the richest man in Asia, is not over yet. For a long time there were reports about him that he had disappeared, but 2 months ago news came about him that he was living in Japan. Now such news has come which is the biggest blow for Jack Ma. Ant Group founder Jack Ma has lost control of his own company. Now his stake in Ant Group has come down to only 10 per cent and the controlling rights are also ending.
The news was confirmed by Ant Group’s statement.
According to a statement from Ant Group this morning, Jack Ma, the founder of China’s billionaire and giant e-commerce company Alibaba, will no longer have control of the company. The fintech giant has adjusted its shareholding structure in such a way that billionaire Jack Ma no longer holds any rights and voting rights in the company. The company also said in its statement that the shareholders of the group have agreed to such an adjustment, after which all the voting rights of Jack Ma are ending.
Ant Group will have to wait more for IPO
Earlier this news was coming from sources, but now a clarification has come on the news agency AFP, in which it is confirmed that Jack Ma’s most valuable asset has gone out of his hands. The change in Ant Group’s shareholding pattern means that it will have to wait longer for its IPO which is already in a long wait. In the year 2021, the Chinese government had banned Ant Company’s blockbuster $ 37 billion IPO and imposed a record $ 2.8 billion fine on Alibaba Company in the name of abusing trust.
Why and when did Jack Ma’s troubles begin
Although this development will not affect the economic condition of the shareholders of Ant Group, but this news will be sad for Jack Ma because now his voting rights in the company which he had the biggest contribution to build, has come down to about 50 percent. Have come to 6.5 percent. Jack Ma’s troubles started in the year 2020 when he criticized the Chinese government and after that his net worth also declined.
His companies were harassed after criticizing the Chinese government
Jack Ma criticized China’s policies in 2020. Criticizing China’s financial regulatory system, he compared state-owned banks to usurers. He accused the public sector banks of having a pawnshop mentality. He also raised questions on the international financial regulation agreement (Basel Accords). Since then, the companies Ant and Alibaba created by him were harassed by the Chinese administration.
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