"Dream - Jack Ma was ousted by the company he founded himself: Ant Group. Jack Ma established this fintech giant in 2014. The company operates the online payment system Alipay. Ant Group removed Jack Ma's role as the dominant controller of the company. What Jack Ma experienced is similar to the story of Steve Jobs, who was fired from his own company: Apple."

The Central Bank of China has also approved that the Alipay application does not have a controlling shareholder. Citing the South China Morning Post, this is said to be an important step to get its initial public offering back on track.

"Restructuring has reduced Jack Ma's voting rights to only 6.21% from 53.46%. This move is seen as a way to pave the way for Ant Group to resume its public stock listing, which was halted in 2020 following Ma's controversial speech."

The billionaire's shares are now divided between Hangzhou Junhan Equity Investment - which is owned by Ma and four others with 31.04 percent voting rights - and Hangzhou Junao Equity, another company owned by five people with 22.42 percent voting rights. The voting rights of these companies are equal to their ownership shares.

"The optimization of corporate governance announced on January 7, 2023, has been completed and will not affect the company's daily business operations," he stated. When announcing the changes in January, Ant said that the new share ownership structure would be more transparent and diversified. Alipay itself has more than 1 billion users, a number that surpasses conventional systems such as cash, checks, and credit cards."