A little over two years after China launched its billionaire “re-education” campaign by unexpectedly suspending the IPO of one of China’s most influential fintech companies, Ant Financial, in November 2020, a move aimed at humbling (if not crushing) China’s then-richest man Jack Ma, the campaign has come full circle on Saturday when Ant announced Jack Ma was giving up controlling rights of the fintech giant as the billionaire further retreats from his online empire following China’s unprecedented tech crackdown.
Ant Group said in an announcement on Saturday that Ma would no longer be the “control person” who holds 34 percent […]
Article Source: www.zerohedge.com
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