Billionaire Jack Ma planning to give up control of Ant Group: Reports

Chinese billionaire Jack Ma is planning to give up control of Ant Group by divesting his stake from Hangzhou Yunbo Investment Consultancy, which dominantly controls the fintech giant, Wall Street Journal reported. Ma could transfer his voting power to Ant officials including CEO Eric Jing, the report added. A regulatory crackdown had halted Ant Group's $37-billion IPO in 2020.