The Chinese billionaire will reportedly step down as part of the fintech giant’s process of converting to a financial holding company. (The Wall Street Journal)

Talking point: Ma owns just over 50 per cent of the company. His plan to relinquish control follows Ant’s failed IPO in 2020 amid China’s intense regulatory scrutiny of the firm. (Ma disappeared from the public eye shortly thereafter, following a controversial speech he gave criticizing the country’s banking system.) The founder had been considering giving up ownership for years, the Journal reported, over concerns that relying too heavily on a single person created governance risks for the firm. Ant intended to eventually revive its IPO. But the change in Ma’s ownership status could set its plans back, as Chinese regulators require a timeout period between a company’s change in control and going public.