China’s Ant Group Says Founder Jack Ma Will Give up Control

China’s Ant Group Says Founder Jack Ma Will Give up Control
Founder of Alibaba group Jack Ma arrives for the Tech for Good summit in Paris on May 15, 2019. Thibault Camus/AP Photo
The Associated Press
Updated:

WASHINGTON—E-commerce billionaire Jack Ma will give up control of Ant Group, the leading Chinese financial technology provider he founded.

In a statement posted Friday, Ant Group said that after an ownership restructuring, “no shareholder, alone, or with other parties” will have “control over Ant Group.” The company is an affiliate of e-commerce giant Alibaba, which Ma also founded.