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Chinese Entrepreneur Jack Ma Reduces Voting Rights Stake In Ant Group, Further Diminishing His Influence

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deadline.com

Former China high-flyer Jack Ma’s influence is being further cut, as the Ant Group company he cofounded said he is reducing his voting rights at the financial technology firm as it restructures in line with a regulatory crackdown.

An Ant Group statement indicated that Ma’s previous control over more than 50% of voting rights would be reduced to 6.2%. Ant, founded by Ma in 2014, operates Alipay, the world’s largest digital payments platform.

The platform is used by hundreds of millions of people every month in China and elsewhere. It is also involved in consumer lending and insurance products distribution.

The Ant Group is an affiliate company of the multinational technology company Alibaba Group, also founded by Ma, which operates the popular shopping platforms Taobao and Tmall.

Read more on deadline.com
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