Fintech giant Ant Group is reportedly exploring options for founder Jack Ma to divest his stake in the company and give up control. According to Reuters, the company has been meeting with Chinese regulators. The financial technology company has been under scrutiny in Beijing over how much control Ma has.
In November 2020, Ma met with regulators and offered to relinquish parts of Ant to the Chinese government, according to The Wall Street Journal. Officials from People’s Bank of China (PBOC) and financial regulator China Banking and Insurance Regulatory Commission (CBIRC) met with Ma and Ant separately to discuss Ma’s possible exit from the company.
However, Ant denied that a divestment of Ma’s stake was under consideration. The company even released a statement denying …