Sightings of Jack Ma on a yacht can move markets. When the charismatic co-founder of Alibaba visited Mallorca last October, Alibaba shares surged. Ma, reported to be in Europe again, is also behind Friday’s 6 per cent drop.
Ma is planning to give up control of Ant Group, in which he holds 51 per cent of the voting rights. The retreat comes two years after Beijing suspended Ant’s record-breaking listing which would have raised $37bn, valuing the payments affiliate at about $315bn.
On the surface, the market reaction is surprising. Ma stepped down as Alibaba chair in 2019 and has distanced himself from day-to-day operations.
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