Jack Ma has ceded control of Ant Group Co., capping a tumultuous period for the Chinese fintech giant.
Mr. Ma will no longer be the controlling person of Ant, the company said in a statement on Saturday, confirming a previous report by The Wall Street Journal.
The changes are made to reduce Ant’s reliance on the flamboyant Chinese billionaire, who co-founded Alibaba Group Holding Ltd. BABA 2.70%increase; green up pointing triangle and helped create Ant, the Journal reported previously.
Mr. Ma continues to hold voting rights in an entity that controls Ant, alongside nine Ant executives and employees who were also given voting rights. Together, they jointly control the company, the statement said.
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