Chinese billionaire Jack Ma: Under the wrath of the Chinese government, Jack Ma had to give up control of his own company –

Chinese billionaire Jack Ma: China’s billionaire Jack Ma, the leader of Alibaba, had to face the wrath of the Chinese government before. The situation is such that he has to leave his country and spend his days in almost voluntary exile. Except for a handful of very close people, nobody knows anything about Jack Ma. Jack Ma has only been seen in public for a few moments in the past year and a half. But still the Chinese government is not leaving behind Jack Ma.

Probably because of that, Jack Ma left the empire he created himself. His handiwork, the company he founded, is no longer controlled by Jack Ma, the Chinese fintech giant Ant Group. Recently the board management of the company has made some changes which resulted in the voting power being taken away from Jack Ma. This was reported by the concerned group on Saturday.

This event is very significant. This is because Ant Group’s $37 billion IPO was previously banned by China’s stock market regulator in 2020. This led to radical changes within the company.

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Due to this incident, a stir has been created in the international trade circles. According to a group of experts, the founder of the Ant group was Jack Mae. But Jack Ma’s removal from the company has once again proved the Chinese government’s ‘governor’ over private companies. As a result, all the productive companies in the country will lose their capacity. The Chinese government will not allow any private company to reach a position where they can have their own opinion.

That is why the two companies that Jack Ma built with his own hands, Ant and e-commerce group Alibaba, have faced thousands of obstacles in the past. The government had to face many storms. Even so, the Chinese government banned Ant’s $37 billion IPO and fined Alibaba $2.8 billion in 2021.

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Incidentally, Jack Ma had more than 50% voting rights in Ant Company. But his share has fallen to 6.2% now.
According to Ant’s IPO paper in 2020, Jack Ma owns only 10% of the company. Nevertheless, Jack Ma was controlling the Ant group. Because, the concerned company was under his control through his other subsidiaries. But a realignment of power within the company took control out of Jack Ma’s hands. As a result, he was forced to leave the company that Jack Ma created at one time!

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