Tuesday, 16 October, 2018

China's richest man Jack Ma will retire on Monday

Alibaba co-founder Jack Ma to retire China's richest man Jack Ma will retire on Monday
Troy Mann | 08 September, 2018, 13:13

With the consolidation of political power by China's president, Xi Jinping, however, the business climate has changed. Expressing his love for education, Jack Ma said that he will be spending most of his time and fortune to focus on education.

"A physical Alibaba headquarters is a key step in ensuring Australian businesses have the support and information they need to succeed in China and the rest of the world", Zhou said at the time.

"I am very thankful for Australia and the time I spent there in my youth", Ma said during his visit.

Ma, who turns 54 on Monday, told New York Times that the decision to retire would be "the beginning of an era" instead of an end.

His own worth has soared along with that of the company, which was valued at $420.8 billion based on its share price at the close of trade on Friday.

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Ma's success was evident after Alibaba's Taobao bested eBay in China, forcing the USA auction site to largely withdraw from the country in 2006. Liu Qiangdong, the billionaire founder of online retailer JD.com, was arrested on rape charges last week on a business trip to Minneapolis. He was released and returned to China, although the investigation remains active.

For Alibaba, Ma's retirement completes a transition of power to other executives. The Chinese e-commerce giant, since then is being managed by its current CEO Daniel Zhang, who is likely to succeed Ma after his retirement.

Alibaba Group Chairman Jack Ma makes a speech at 2018 Alibaba Xin Philanthropy Conference on September 5, 2018. But it did not take off until it began the Taobao marketplace in 2003, which merchants used to sell goods directly to consumers. Alipay later became Ant Financial, the financial subsidiary that Ma also controls.

The Alibaba empire now spans well beyond online retail and payments to include cloud computing, digital media and entertainment, with sterling revenue growth that jumped another 61 percent in the quarter ending June 30.

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