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Jack Ma relinquishes control of Ant Group

Jack Ma will relinquish control of Ant Financial, the financial services company he founded. This was announced by Ant Group in a statement on Saturday. The 58-year-old multi-billionaire and founder of the e-commerce platform Alibaba last held only ten percent of the shares in Ant Financial but still had over half of the voting rights. Now his voting rights are to be reduced arithmetically to around six percent. This means that no shareholder will have sole control over the company in the future.

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