Alibaba Co-Founder Jack Ma Announces Retirement: 10 Things To Know

Alibaba Co-Founder Jack Ma Announces Retirement: 10 Things To Know

As per a Reuters report, while Ma's retirement marks a milestone in the company's history, analysts believe and industry insiders believe that it is highly unlikely that his involvement in the company will change significantly.

One of China's biggest tech titans is stepping down.

Seeing an opportunity for small businesses to buy and sell their goods online, he started Alibaba, initially running the company out of his apartment in the eastern city of Hangzhou, where the company's headquarters remains.

Ma's announcement was somewhat unorthodox; the Times is blocked in China by Communist Party censors, while there was no official statement from Alibaba.

Considered China's richest person, the e-commerce company's co-founder holds a spot in the world's top twenty billionaires in the world with a reported net worth of $39.9 billion.

"I am very thankful for Australia and the time I spent there in my youth", Ma said during his visit. According to the paper current CEO Daniel Zhang is a "candidate" to replace Ma, who plans to pursue philanthropy in education. "I think some day, and soon, I'll go back to teaching".

Ma said the move will be "the beginning of an era" and revealed that he may now focus on education, which he "loves". He is the first among a generation of Chinese internet entrepreneurs to leave the companies they've founded.

He is one of the most colorful of China's growing crop of billionaires, performing a Michael Jackson-inspired dance routine at the company's 18th anniversary celebration previous year, and starring in his own kung fu short film. He added that he would be spending more of his time and fortune focussed on education.

As Beijing has increased its involvement in the private sector, Ma has shifted what he has said about China's government.

The day Jack Ma will be stepping down, September 10, is also celebrated as Teacher's Day in China. "I can never be as rich, but one thing I can do better is to retire earlier", he said. "It should be a war against poverty, disease et cetera". Ma plans to remain on the board of directors of the Chinese e-commerce giant, which he co-founded in 1999 and which turned him into the richest man in China as of Friday.

"It's the system which I think I have contributed to along with my team and this will be able to make the company last long", Ma said.

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