[2018-11-13]Bitmain Co-Founder Jihan Wu Loses Executive Power in Board Reshuffle

[cybersofts]

Bitmain Co-Founder Jihan Wu Loses Executive Power in Board Reshuffle, Says Chinese Media



Bitmain co-founder Jihan Wu is reportedly no longer able to influence corporate decisions at the mining firm, Chinese industry media outlet Sanyan Blockchain reported Nov. 13.

Citing an unnamed “financial news” source, Sanyan quotes a lawyer for Bitmain, Tian Yangang, saying that as a result of the redistribution of positions at the company’s executive board, Wu had been demoted from being a “director” to a “supervisor.”

“After changing to a supervisor, there are no voting rights, so [Wu’s] power is smaller and [he] cannot participate in the business decision-making of the enterprise,” a rough translation of his comments reads.

The news comes three months after Bitmain received a $18 billion valuation ahead of plans to launch an IPO.

The move has seen Bitmain court controversy over its financial health, with speculators considering the company’s vast Bitcoin Cash reserves as one of many potential sticking points.

Wu currently owns a 20.25 percent stake in the Bitcoin mining giant, which released its latest mining hardware, the Antminer S15 and T15, last week.


Source: https://cointelegraph.com/news/bitmain-co-founder-jihan-wu-loses-executive-power-in-board-reshuffle-says-chinese-media

[bbc.reporter]

@cybersofts. You should post your reaction to all the news you share. Reading only the news is boring unless you post news only for the purpose of it.

In any case, executive positions in companies in Asia are only formalities. It might imply that Jihan lost control of Bitmain, however in actuality, Asians owners never give up control of their own companies. They only pass on the title.

[Kemarit]

@cybersofts. You should post your reaction to all the news you share. Reading only the news is boring unless you post news only for the purpose of it.

In any case, executive positions in companies in Asia are only formalities. It might imply that Jihan lost control of Bitmain, however in actuality, Asians owners never give up control of their own companies. They only pass on the title.

Exactly, for all we know this is just a move to please some people but I think they have to consult Jihan as we all know he is the face of Bitmain. Do they think that Jihan will simply give up his position? There will be no "Steve Jobs kind of firing here". 

[shamc]

It must be very frustrating to be kicked out of power from your own company! How ungrateful can these people be, there would be no bitmain without Jihan

[Carlton Banks]

In any case, executive positions in companies in Asia are only formalities. It might imply that Jihan lost control of Bitmain, however in actuality, Asians owners never give up control of their own companies. They only pass on the title.

China is an authoritarian dictatorship, it's not possible to actually be in charge of your own business there, unless the business is very small. Jihan Wu has been taking his instructions from the Chinese Communist party the whole time, and still is. He was never in charge of Bitmain in the first place.


And if I said what I said above in China, I'd get negged on the Social Credit system. And so would everyone who knows me, as punishment for not keeping me in check. "Coming to a government near you" apparently, the EU/US ruling class love the idea of a Social Credit system. Fuck that, never ever will I participate in that sort of disgusting scheme.

[bbc.reporter]

@Carlton Banks. Yes, a Chinese has to be a member of the communist party of China to own a large company, however I reckon the party must have given their members some autonomy to run their own companies.