The Wall Street Journal reported on Thursday that Jack Ma will give up control of the company as part of an effort to ease regulatory concerns.
Jack Ma is the executive chairman of theAlibaba Group.
Ma hopes that the move will lead to the separation of the two companies, which were founded by him.
The Journal reported that Ma would give up some of his voting power to senior executives under the proposal.
The People's Bank of China will regulate the company after Ma relinquishes control.
The report states that this move was not ordered by regulators in Beijing.
It's not clear if this will open the way for a public listing for ants.
$24 billion. That is the net worth of Jack Ma at the moment. He had a net worth of $60 billion in early 2021.
Ma has become more secretive after regulators stopped his IPO. The public listing was halted due to the fact that Chinese tech giants were starting to dominate the digital payments space. Major tech companies have been ordered toComply by Beijing. Ma criticized China's regulators and its state-owned banks in a speech, and many believe he was targeted by the government. Ma was out of the public eye for a short time after the start of the crackdown.
Jack Ma wants to take over the control of the group.
Jack Ma plans to give up control of ants.
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