Alibaba co-founder Jack Ma to retire from company

Alibaba co-founder Jack Ma to retire from company”

Jack Ma plans to step down as executive chairman of Chinese e-commerce giant Alibaba next week, according to a report published late Friday.

Jack Ma, the iconic Chinese entrepreneur, is making plans for a future after Alibaba Group Holding Ltd., the company he co-founded and turned into Asia's most valuable company. Ma established the Jack Ma Foundation in 2014, which fosters education for those in rural China, and has professed his love of education.

Ma, who turns 54 on Monday, has a net worth of more than US$40 billion, according to the Bloomberg Billionaires Index.

Ma said he could never be as rich as Gates - but that he could retire earlier than Gates.

Ma is retiring as China's business environment has soured, with Beijing and state-owned enterprises increasingly playing more interventionist roles with companies. A former teacher, Ma told Bloomberg TV earlier this week he might go back to teaching someday. Firms including Alibaba, Tencent, Baidu and have flourished in recent years, growing to almost rival American internet behemoths like Amazon and Google in their size, scope and ambition. He said the reason he's leaving is to pursue philanthropic endeavors focused on education.

He said that his departure is not the end but "the beginning of an era".

Among China's biggest companies, Alibaba is viewed as one of the firms with the deepest ranks of management talent.

Born into a poor family in Hangzhou, eastern Zhejiang province, Mr. Ma became a university teacher but gave the job up after discovering the internet.

Ma started his journey with just USA $ 60,000 - loaned to him by friends, and started Alibaba in 1999. But he has also said in the past that he isn't happy being the wealthiest person in China, where vast personal fortunes have only emerged in recent years and are subject to intense scrutiny.

It transformed how Chinese people shop and pay for things, especially through the now ubiquitous Alipay digital payment service.

It owns a stake in China's hugely popular Twitter-like Weibo platform and in 2015 it bought the South China Morning Post newspaper. He started in 1999 as a business-to-business marketplace, backed by $60,000 from 18 co-founders.

Like this



08 Сентября 2018
Unseen footage reveals tender moment between Prince Harry and Meghan
The Royal was wearing a stunning blue sleeveless dress, by Taiwanese and Canadian designer, Jason Wu . Prince Harry could not hide his affection towards wife Meghan Markle during a recent royal engagement.

08 Сентября 2018
Off-Duty Dallas Officer Shoots, Kills Man After Entering Wrong Apartment
According to the DPD, "preliminary information suggests that the officer arrived home in full uniform after working a full shift". Investigators are still working to piece together the events leading up to the shooting that claimed the life of Jean, a St.

08 Сентября 2018
Tesla rocked by latest executive shakeup, Musk's behavior on webcast
Toward the end of the more than two-hour interview that was live-streamed on YouTube, Mr. Rogan pulled out a joint that he described as marijuana wrapped inside tobacco.

08 Сентября 2018
Ex-Cowboys, OSU running back Joseph Randle facing rape charge
In July 2016 while in jail he was arrested for damaging a television in the detention center. "He's listed at 6'1" and 215 lbs. Randle rose to fame as a 5th round pick in the 2013 NFL Draft and was a starting running back for the Dallas Cowboys in 2015.

08 Сентября 2018
Delta Fire: I-5 Road Closures and Traffic Conditions
It is the same area where the Carr Fire broke out in late July, destroying hundreds of homes and killing three firefighters. The Delta Fire has grown to more than 5,000 acres, just 10 miles from the long-burning Hirz Fire , Cal Fire said Thursday .

08 Сентября 2018
Trump aide Papadopoulos gets 14 days in prison
Papadopoulos became the second person to be sentenced to prison in a prosecution brought by special counsel Robert Mueller . He was the first to plead guilty in Mueller's probe and is now the first Trump campaign adviser to be sentenced.

07 Сентября 2018
Passengers on 2 flights from Europe arrive sick in Philly
Three passengers and seven crew members were hospitalized for testing, nine others who reported feeling ill refused treatment. Acting health commissioner Dr Oxiris Barbot said their symptoms - fever, coughing and vomiting - suggested flu.

07 Сентября 2018
Barack Obama gives speech today as he receives ethics award
His post-presidency is the next chapter in the cause of his life - bringing people together to change the world for the better. Next week, he'll return to the campaign trail in OH to campaign for Richard Cordray and other Democrats.

07 Сентября 2018
Shahid Kapoor and Mira reveal name of their newborn son
Shahid Kapoor's wife Mira Rajput has finally been discharged from the hospital after she gave birth to their son on Wednesday. Shahid will soon be seen in Batti Gul Meter Chalu and will begin work on his new film, a remake of Telugu hit Arjun Reddy .

07 Сентября 2018
'Extraordinary' confession from White House official working against Donald Trump
White House press secretary Sarah Huckabee Sanders said in a statement that the author of the op-ed should step down. It concluded: "There is a quiet resistance within the administration of people choosing to put country first".