Chinese magnate Jack Ma will no longer be the controlling person of Ant Group, the Wall Street Journal reported on Saturday, citing a statement put out by the Chinese fintech giant. The changes are made to reduce Ant’s reliance on the flamboyant Chinese billionaire, who co-founded Alibaba Group Holding and helped create Ant, the Journal reported previously. […]
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Alibaba founder Jack Ma ends up in Japan after China crackdown
Top Chinese billionaire Jack Ma and founder of e-commerce giant Alibaba, has been living in central Tokyo for almost six months, according to a report by the British daily Financial Times. Ma, who was once the richest business leader in China, shifted to neighbouring Japan, amid the Chinese government’s crackdown on the […]
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Jack Ma’s firms exit Paytm Mall, plunging its value to under $13M
Chinese billionaire Jack Ma-led Alibaba and Ant Financials have sold their stake in Paytm E-Commerce Pvt. Ltd. back to the company for a total of Rs 42 crore, giving the company a total valuation of under Rs 100 crore or under $13 million. In its last round of funding in […]
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Mukesh Ambani dethrones China’s Jack Ma to be Asia’s richest person again
Reliance Industries Chairman and billionaire Mukesh Ambani reclaimed his spot as Asia’s richest person, dethroning Chinese business magnate, investor and philanthropist Jack Ma, who was the richest person in the region a year ago. Business tycoon Ambani, the richest person in India and also the wealthiest in Asia, is ranked 10 on […]
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Jack Ma’s new chieftain outlines plan to fend off Tencent
Ant Group Chief Executive Simon Hu is aggressively pitching digital payment and cloud offerings to the local arms of KFC Holding Co. and Marriott International Inc., expanding the firm’s focus from banks and fund managers on its ubiquitous app. The Alibaba Group Holding Ltd. affiliate’s strategy is two-pronged. It halts […]