Jack Ma to step down as president of academy he founded: FT

Jack Ma will step down as president of Hupan University. - AFP

BEIJING (Bloomberg): Jack Ma will step down as president of Hupan University, an elite business academy he co-founded six years ago, amid pressure from Beijing, the Financial Times reported.

The move comes as Chinese authorities crack down on the influence of the billionaire co-founder of Alibaba Group Holding Ltd., the newspaper said, citing people familiar with the matter.

Ma abruptly fell from grace after blasting financial regulators in a public speech last October. Since then, his highly-anticipated initial public offering by Ant Group Co. has been put on hold, and Ma has largely stayed out of public view.