- Jack Ma, founder of Ant Group, can apparently give up his interest in the company, reports Reuters.
- Mom’s technological empire has been scrutinized following his public comments on regulations.
- Ant Group executives and Chinese regulators are looking for a way forward for the technology giant.
- See more stories on Insider’s business page.
It is understood that the Chinese billionaire Jack Ma, the founder of Ant Group, could possibly give up his interest in the company, reports Reuters.
The move is one of the aspects discussed as Ant Group executives and Chinese regulators want to find a way forward for the fighting technology giant. This is according to Saturday’s report, which quoted unnamed sources from the government and the company.
It was unclear whether Ant Group or Ma would get a final decision on Ma’s possible retirement, the report said. Sources told Reuters the company hopes that Ma’s stake will be sold to Ant investors or Alibaba Group.
Mom’s tech empire has been increasingly scrutinized after the man made negative comments about financial regulations during a public appearance last fall.
Following his comments, President Xi Jinping allegedly personally stopped a planned $ 37 billion public offering by Ant Group. In meetings before the cancellation of the IPO, Ma apparently offered to give parts of Ant Group to the Chinese government.
The news of Ma’s possible retirement came a week after Alibaba Group, also founded by Ma, was hit with a record fine of $ 2.8 billion.
Reuters said on Saturday that the decision on whether to leave the Ant Group would be discussed in meetings with officials. But a spokesman for Ant Group issued a statement to the outlet, saying Ma’s retirement “has never been the subject of discussions with anyone.”
Press reports traced Ma’s location when he fell out of favor last fall, including a long period in which he seemed to have completely disappeared from sight. Later, The Financial Times reported that he spent part of that time with regulators.
Mom joined Russian leader Vladimir Putin on Wednesday during a video conference, his first public appearance since last weekend’s fine.