Outspoken billionaire Jack Ma escapes Beijing's crosshairs by giving up his power
Wall Street Journal reported earlier that Ant informed regulators that Ma intended to give up control and could transfer some of his voting rights to other top executives. Ma does not hold a management position at Ant and handing over control of the company would cause little disruption to day-to-day operations as he has not been deeply involved in years, said people familiar with the matter, who asked not to be named to discuss personal information. Ma initially ended up with majority vote control because Ant was separated from Alibaba in a complex transaction aimed at minimizing conflicts with Chinese regulations. Ant has reportedly notified regulators that Ma intends to relinquish control and may transfer some of his voting rights to other top executives. Credit: AP Ma’s decision may now be a way of aligning with President Xi Jinping’s vision of achieving “co-prosperity.” His company is trying to meet the demands of China’s watchdog, which has pledged to curb the expansion of “re