OpenAI Executive Brad Lightcap to Leave for New AI Venture 
Maersk Raises 2026 Earnings Outlook as Shipping Profits Beat Expectations 
Gold Prices Retreat From Two-Month High as Softer Inflation Eases Fed Rate Hike Bets 
Ford to Move Some Lincoln Production From China to U.S. in 2030 
Australia Housing Crisis Deepens as Worker Shortages Delay Homebuilding 
Anthropic Signs $9.1B AI Data Center Deal With Riot Platforms 
Canada-US Trade Talks Gain Momentum Ahead of Aug. 19 Tariff Deadline 
US Judge Dismisses Gautam Adani Criminal Charges 
Oil, Gold Rise as Geopolitical Risks Grip Markets Ahead of U.S. CPI 
ANZ Home Loan Applications Drop 12% After Australia Property Tax Changes 
Hims & Hers Shares Fall as GLP-1 Costs Widen Q2 Loss 
Japan Government Backs Earlier BOJ Rate Hike as Inflation Pressures Build 
Paramount Weighs CNN Sale as $110B Warner Bros. Discovery Deal Faces Antitrust Fight 
US Dollar Slips as Softer PPI Data Eases Fed Rate Hike Expectations 
CBA Posts Record A$10.98B Profit Despite Cautious Outlook 
Hanwha Offers Up to $1.2 Billion for Austal US Business 
Trump Imposes New US Tariffs on Drone Imports Over National Security Concerns 
Add as a preferred source on Google
Jack Ma, the Chinese business magnate, investor and philanthropist, is reportedly planning to give up his control of Ant Group. This plan is said to be under consideration for a long time now as it is one way to reduce governance risks.
The report comes just as the Ant Group is seeking to move on from a turmoil-filled year and proceed to work on getting the business back on track. The Wall Street Journal reported that the billionaire may step down, and this was disclosed by people who are familiar with the matter.
The move is also said to be part of Ant Group’s effort to stand aside from Alibaba Group Holding after more than a year of extraordinary pressure from China’s trade regulators. It can be recalled that the Chinese authorities cancelled Ant Group’s IPO plans in 2020 at the last minute and proceeded to force the company to reorganize as a financial holding company that will be regulated by the country’s central bank.
Now, as the restructuring process is ongoing, Ant Group is taking this chance to minimize its reliance on the 57-year-old Alibaba founder, who was a former English teacher and rose to become one of the most successful businessmen in China. As his empire continued to expand, Ma became a target of government operations that seem to have been configured to lessen the power and influence that his companies had on the country.
It was mentioned that if Ant Group successfully went public two years ago, it would have been valued at more than $300 billion. At any rate, Bloomberg reported that Ma may not have an executive position at Ant Group, and he may not have a seat on its board either. However, he is still a dominant figure in the company since he also currently holds 50.52% of its shares.
Finally, Jack Ma can give up the control he still has on Ant Group if he transfers some of his voting power to other company officials. For instance, he can choose to pass on this voting right to Ant’s chief, Eric Jing, and later on, they can collectively control the firm.
