Jack Ma Cedes Control of Fintech Giant Ant Group

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Jack Ma will no longer be the controlling person of Ant Group—part of changes to reduce the Chinese fintech company’s reliance on the flamboyant billionaire. Photo: Firdia Lisnawati/Associated Press

Billionaire Jack Ma is ceding control of Ant Group Co., capping a tumultuous period for the Chinese fintech giant.

Mr. Ma will no longer be the controlling person of Ant, the company said in a statement on Saturday, confirming a previous report by The Wall Street Journal.

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