Billionaire Jack Ma will relinquish control of Ant Group Co, China's biggest fintech platform, amid the Communist Party's crackdown on the country's tech sector, the company announced on Saturday.
Ma, who is counted among Asia's best-known business personalities, gradually stepped out of public eye in the last two years. Here are seven things to know about the magnate:
- Ma was born in Hangzhou, Zhejiang on September 10, 1964. He was interested in studying English since his childhood and went on to graduate with a BA in English in 1988. He worked as an English teacher at the Hangzhou Dianzi University. Ma also tried applying to Harvard several times but was rejected.
Billionaire Jack Ma gives up control of Ant Group
- He began experimenting with internet-related projects in the 1990s after a trip to the US. Ma said in an interview with CNN that the first time he used internet, he sensed it would revolutionise China and the world. He succeeded in persuading some of his friends to lend him $60,000. With the money, he started a business in 1999 that evolved into the mammoth e-commerce company Alibaba.
- Jack Ma's Alibaba acquired Yahoo China in 2005, a deal that boosted its international standing. In 2014, the company raised $25 billion through initial public offering in New York --the biggest know IPO in history. It has emerged as a domination force in ecommerce and cloud computing
- That same year, Ma went on to establish Ant Group. In 2020, the company was looking forward to a high-profile IPO, but it was pulled by the authorities days just days before the event. It was reportedly because Ma had publicly criticised Chinese regulators and accused them of hindering growth. The company has now been given the go-ahead to raise $1.5 billion.
- Since the cancelled IPO, Ma has kept a low profile. The year 2021 brought more trouble as Alibaba was fined $2.8 billion after an anti-monopoly probe.
- Ma has rarely made public appearances in China recently but has been seen abroad. According to a Financial Times report, he has been living in Tokyo.
- He is reported to be worth $22.2 billion, the sixth richest person in China as of November, 2022.
(With inputs from AFP)
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