Billionaire Jack Ma–backed Ant Group Co. is planning to buy back as much as 7.6% of shares to retain skilled individuals and offer an exit to investors who have been impacted by the company’s regulatory obstacles.
According to a report by Bloomberg on Friday, Ant Group publicly declared its plan to repurchase its shares, which would lead to an estimated valuation of around $78.5 billion. The valuation reflects a substantial decline of nearly 70% compared to the company’s market capitalization of $280 billion during its IPO, which was ultimately abandoned in late 2020.
