Chinese Billionaire Jack Ma To Cede Control Of Fintech Giant Ant Group: WSJ

Jack Ma plans to cede control of his fintech giant Ant Group, according to a Wall Street Journal report, as the company seeks to ameliorate concerns raised by regulators that derailed its massive $37 billion initial public offering plan almost two years ago. Ma, a 57-year-old former English teacher who is also the cofounder of e-commerce behemoth Alibaba, has intended give up control of Ant for quite some time, according to a person familiar with the matter. The move makes sense from a corporate governance perspective, the person said, because the tycoon no longer holds an executive role at Ant…