Jack Ma, chairman of Alibaba Group Holding Ltd., speaks during a Bloomberg Television interview on the sidelines of the Xin Philanthropy Conference in Hangzhou, China, on Wednesday, Sept. 5, 2018. Ma said he is dedicating more of his time and fortune to philanthropy with the creation of a foundation in his own name focused on education, following in the footsteps of fellow billionaire Bill Gates. Ma, who turns 54 on Monday, has a net worth of more than US$40 billion according to the Bloomberg Billionaires Index.
Jack Ma is giving up controlling rights of Ant Group Co., as the billionaire further retreats from his online empire following China’s unprecedented tech crackdown.
The company is offering 10 individuals, including the founder, management and staff, voting rights independently, effectively removing Ma’s control of Ant, according to an announcement on Saturday. The adjustment will not change economic interests of any shareholders.
