Jack Ma loses power over company as government cracks down on him
Chinese business magnate Jack Ma, who created both Alibaba and Ant Group, will no longer be in charge of the fintech subsidiary. The new company’s structure will reduce Ma’s voting rights to 6.2 percent, according to an announcement on Saturday, CNN repors. Before the restructuring, Ma held 50.52 percent of voting rights at Ant via Hangzhou Yunbo and two other …