Jack Ma Loses Control Over Ant Group, A Chinese Fintech Firm

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Jack Ma, co-founder and CEO at Alibaba to no longer lead Ant Group, a Chinese fintech

This comes up after Ant Group claimed that the firm is working on its ownership structure where no shareholders will have any control over the firm

Earlier Jack Ma was indirectly responsible for the firm’s 54% shares and with this new structure he will now hold only 6.2% of voting rights.

Both Jack Ma and Ant Group have shown interest in the metaverse. Alibaba has invested $60M in Nreal, a Chinese glasses maker company.

However, Jack Ma has not yet given any statement in this regard