Jack Ma, billionaire founder of Alibaba Group, arrives at the"Tech for Good" Summit in Paris, France May 15, 2019.Jack Ma, billionaire founder of Alibaba Group, arrives at the"Tech for Good" Summit in Paris, France May 15, 2019.
A former English teacher, Ma previously possessed more than 50% of voting rights at Ant but the changes will mean that his share falls to 6.2%, according to Reuters calculations. The expected penalty is part of Beijing’s sweeping and unprecedented crackdown on the country’s technology titans over the past two years that has sliced hundreds of billions of dollars off their values and shrunk revenues and profits.
Ant, whose businesses also span consumer lending and insurance products distribution, said Ma and nine of its other major shareholders had agreed to no longer act in concert when exercising voting rights, and would only vote independently.
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