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Friday, March 29, 2024

Wings clipped: Self-exiled Jack Ma stripped of voting power in his Ant Group hrs after appearance in Thailand | Indiablooms

Shanghai: Soon after Chinese business magnate Jack Ma resurfaced in Thailand after making appearances in Japan, Ant Group, in which he had a controlling stake, said its billionaire founder has ceded all voting power.

South China Morning Post had reported citing people aware of Ma’s itinerary that he would continue to study farming and fishery.

Ma disappeared from public view in October 2020 after giving a speech criticizing China’s financial-regulation system.

Ma has maintained a very low profile since his clash with authorities. Once China’s richest man, Ma’s net worth has fallen by more than $25 billion since he disappeared from public view, as per the Bloomberg Billionaires Index.

The businessman appeared to be chilling out in Bangkok with social media pictures showing him with Jay Fai, owner of a Michelin-starred food stall in Thailand’s capital and attending Muay Thai…

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