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

News Snapshot:

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. Related Story Alibaba Founder Jack Ma Makes First Public Appearance Since…

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