Alibaba's Jack Ma out as boss of fintech Ant Group

Ant Group, the financial services biz spun out of Chinese tech giant Alibaba, said on Saturday that its founder Jack Ma would give up control of the org. Ant Group's announcement pitched the changes as part of a "corporate governance optimization" ongoing since 2021, a year in which Beijing started bossing Big Tech with new …

[Pascal Monett]

"will now vote and act independently"

Sure they will. Because none of them have a smartphone, or each other's number.

This is insane. They're shareholders, they own the company, and you want to tell them how they should make their decisions about it ?

Only in a totalitarian state can you push such nonsense and expect it to work.

[Gene Cash]

Re: "will now vote and act independently"

Only in a totalitarian state can you push such nonsense and expect it to work.

Yep, and that's China. "We'll have none of that capitalism nonsense here!" is not a joke. They only own the company at the Party's discretion.

He'll toe the line so he doesn't get disappeared again, maybe permanently this time.

[imanidiot]

"align the voting interests of shareholders with their economic interests."

And since their economic interests are entirely aligned with those of the CCP (since those interests would disappear, as they would themselves if they weren't) that means the voting interests are always aligned too.