Ant Group founder Jack Ma to give up control in key revamp

Ant Group’s founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago.

Report informs via Reuters that Ant’s $37 billion IPO, which would have been the world’s largest, was canceled at the last minute in November 2020, leading to a forced restructuring of the financial technology firm and speculation the Chinese billionaire would have to cede control.