Jack Ma's voting rights in Ant Group reduced from 50% to 6% under government pressure, losing control of the company
Jan 15, 2024In 2024, Ant Group announced changes to shareholder voting rights that reduced Jack Ma's voting control from 50% to 6%, meaning he was no longer the actual controller of Ant Group. The restructuring came as part of ongoing Chinese government pressure following the 2020 IPO cancellation. Ma replaced SoftBank as Alibaba's largest shareholder in early 2024 but continued to face government oversight.