In January 2024, Alibaba Ant Group completed the removal of controlling shareholders including Jack Ma with 10 management & staff given voting rights. In July 2023, China central bank (People's Bank of China, PBOC) fined Alibaba affiliate Ant Group $985 million (CNY 7.12 billion) for violation of corporate governance, consumer protection & money-laundering regulations, with PBOC issuing a statement including of Ant Group had rectified most of the outstanding problems. In January 2023, China billionaire & Alibaba founder Jack Ma announced to give up control of Ant Group which owns the world largest payment platform Alipay, giving up control from 53.46% indirect control of Ant Group (shareholding) to only 6.2% voting rights. The new structure was announced by Ant Group, more than 2 years after being suspended from IPO (Initial Public Offering) that would have raised a record $34.5 billion in October 2022. Alibaba owns 33% of Ant Group.