All Metaverse Balances May Change! Another Blow to the Missing Billionaire

MetaversePlanet January 8, 2023

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World famous missing billionaire Jack Ma has taken another blow. Metaverse is losing control of the famous company known for its investments.

Alibaba co-founder and CEO Jack Ma will no longer control Chinese fintech giant Ant Group. According to Reuters , shareholders of the fintech giant have voted to enact a series of regulations that will allow the billionaire to leave Ant Group.

Chinese regulators halted Ant Group ‘s planned $37 billion IPO in Hong Kong in 2020.

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Goodbye Jack Ma Ant Group Entitlements

All Metaverse Balances May Change! Another Blow to the Missing Billionaire

In a recent statement, Ant Group announced a reconfiguration of its ownership structure, ensuring that no single shareholder, either individually or in collaboration with others, holds control over the company. Prior to this adjustment, Jack Ma indirectly held approximately 54% of Ant Group’s ownership.

Under the new regulatory framework, the Chinese billionaire’s voting rights in the company will be reduced to around 6.2%. This change follows a period of heightened scrutiny from Chinese regulators towards Alibaba’s founder, particularly after his comments on government regulatory policies. Previously, Alibaba faced a $2.75 billion fine due to allegations of unfair business practices.

Will Ant Group Continue Investing in Metaverse?

China-based giants Alibaba and Ant Group have each made forays into the metaverse. Last year in May, Alibaba invested $60 million in Nreal, a Chinese company specializing in augmented reality glasses.

Throughout the year, Ant Group has been actively expanding its presence in the metaverse and virtual reality sectors.

However, the departure of Jack Ma as the primary shareholder of the company raises questions about how the fintech giant will navigate its future in the metaverse.

Where is Jack Ma?

Following the intense scrutiny by Chinese regulators of Ant Group’s IPO in 2021 and other business activities, Alibaba’s founder, Jack Ma, retreated from public view.

There have been various reports regarding his whereabouts during these months. Recently, Reuters reported that the Chinese billionaire was spotted socializing in Bangkok this week.

Since his criticism of Chinese financial regulators in Shanghai in 2022, Jack Ma has not made any public statements.