Jack Ma was once one of the world's most talked about tycoons with a perfect rags to riches story, and appearances on stage dressed as Michael Jackson and a rockstar. But the Alibaba Founder suddenly fell off the grid, as he went missing from public life amid rumours about his arrest in China, before recently surfacing in Japan. Once a high-profile member of the Chinese Communist Party, the capitalist reportedly had a fallout with the state, and is now giving up control of his fintech fir, Ant Group.
Shareholders of the company have agreed to adjustments, which will now leave the founder Ma ineligible to vote. Ma's decision seems to be a way for facilitating Ant's $37 billion IPO, which he had to suspend in 2020 after it faced scrutiny by regulators.
His exit is also a sign of China cracking down against the increasing role of private investors, which threatens productivity and business growth. Ant plays a major part in the economy by financing small businesses.
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