Alibaba co-founder and China’s richest man announces retirement

08 September, 2018, 16:12 | Author: Lynette Payne
  • Screenshot via Bloomberg

Ma's net worth is $39.9 billion, according to Bloomberg's Billionaires Index.

The New York Times is reporting that Jack Ma, the co-founder and executive chairman of Chinese e-commerce behemoth Alibaba Group, is retiring. Initially developed as a business-to-business e-commerce solution.

The company's value has soared in recent years thanks to a growing portfolio that includes cloud computing, films, electronic payments and retail.

It owns a stake in China's hugely popular Twitter-like Weibo platform and in 2015 it bought the South China Morning Post newspaper.

Huge conglomerates like Alibaba, Tencent, Baidu and JD.com are to China what Facebook and Google are to the United States. Adding that he loves education, Jack Ma said that after stepping down his focus will be on education. He started Alibaba from his flat in Hangzhou with a group of friends.

Ma, who turns 54 on Monday, now oversees a number of charitable projects in education and environmental fields.

The pair met while Morley was on a trip to China in 1980.

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The impact of Ma's work during the years that he led Ali Baba, as many are aware, extends far beyond his leadership responsibilities. "All these things that I've been preparing for 10 years". "Personal philanthropy is not about giving cash, but giving your heart, your time and most importantly, your action".

Ma started Alibaba in 1999 in his apartment in the Chinese city of Hangzhou and is now among the richest people in the world.

Ma has inspired strong devotion among his employees and users, drawing comparisons with late Apple co-founder Steve Jobs - although he practised a more open management style.

Ma is part of a generation of billionaire entrepreneurs who made their fortunes as China embraced the digital age, creating some of the country's largest and most successful companies in the space of little more than a decade. Ma stepped down as Alibaba's chief executive in 2013; the company's current chief executive is Daniel Zhang, who is a candidate to succeed Ma. He cited Microsoft co-founder and philanthropist Bill Gates as an example.

Talking exclusively to The New York Times, Jack Ma said that his retirement will mark the beginning of a new era.

In an interview earlier this week, Ma had signaled that he was thinking about focusing more on philanthropy.

"Spending money is more hard than making money, especially for philanthropy, where we have a good heart, you should also have good knowledge and capability to spend money".

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