According to Agence France Presse, Chinese billionaire Jack Ma will step down from managing Ant Group, an affiliate of Alibaba Group.

And Ant Group announced today, Saturday, in a statement that it will amend its shareholding structure to prevent any shareholders from controlling and controlling the company individually or collectively.

The company indicated that the measure is aimed at improving the stability of the company’s structure and long-term development sustainability, adding that ten people, including the founder, management and employees, will have independent voting rights, noting that the new amendments will not change the economic benefits of shareholders.

She explained that the company’s previous structure gave Jack Ma indirect control of 53.46% of its shares, and under the new amendment, Jack Ma would retain only 6.2% of the voting rights.

Jack Ma is considered one of China’s most famous businessmen and a symbol of the “self-made man” of China’s generation of tech moguls.

Jack Ma founded the giant Chinese e-commerce company Alibaba in 1999 and announced his resignation as its CEO in May 2013.

It is worth noting that Ma disappeared from public life after Beijing’s decision to prevent Ant Group’s listing in Hong Kong in 2020 following his scathing comments about government regulators.

Source: AFP.

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Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

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