CNN —Chinese billionaire Jack Ma will no longer control Ant Group after the fintech giant’s shareholders agreed to reshape its shareholding structure, according to a statement released by the company on Saturday. After the adjustment, Ma’s voting rights will fall to 6.2%, according to the statement and CNN calculations. Before the restructure, Ma held 50.52% of voting rights at Ant via Hangzhou Yunbo and two other entities, according to its IPO prospectus filed with stock exchanges in 2020. As part of the company’s restructuring, Ant applied for an expansion of its registered capital from $1.2 billion to $2.7 billion. Ant Group is a fintech affiliate of Alibaba, both of which were founded by Ma.

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