Jack Ma Announces Retirement From Alibaba To Pursue Philanthropy - Insight Trending
Jack Ma Announces Retirement From Alibaba To Pursue Philanthropy
Jack Ma, the co-founder and executive chairman of Chinese e-commerce behemoth Alibaba Group is retiring, The New York Times has reported. 

Mr Ma said he intends to step down as executive chairman on Monday to pursue philanthropy in education. He will remain on Alibaba's governing body. 

One of China's best-known corporate leaders, Mr Ma started Alibaba in 1999 in his level in the Chinese city of Hangzhou and is currently among the richest people on the planet. 

Alibaba's empire today encompasses online selling and banking, film generation and distributed computing. It additionally holds stakes in Chinese internet based life site Weibo and claims English-language newspaper The South China Morning Post. 

In an interview with Bloomberg TV, Mr Ma said he will be dedicating more of his time to philanthropy with the creation of an establishment in his own particular name focused on education, following in the footsteps of Bill Gates. 

"There's a considerable measure of things I can learn from Bill Gates. I can never be as rich, yet one thing I can improve the situation is to retire earlier," Mr Ma said in the interview. "I think some day, and soon, I'll return to teaching. This is something I want to show improvement over being CEO of Alibaba. 

"I've prepared a Jack Ma Foundation," he added. "Every one of these things that I've been preparing for 10 years." 

Mr Ma was conceived in September 1964 in Hangzhou, the capital of China's Zhejiang province. It was here that he attended Hangzhou Normal University and graduated in 1988 with a BA in English before creating the Alibaba Group, backed by $60,000 (£46,000) from 18 co-founders. 

In 2017, it orchestrated China Singles Day, a prevalent occasion among youthful Chinese people that celebrates their pride in being single on 11 November each year, into the universes biggest online and offline shopping day, with its own particular sales reaching over $25.4bn (£19bn) in only 24 hours. 

According to the Bloomberg Billionaires Index, Mr Ma has a net worth of about $40bn (£30.96bn).

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