Business

Alibaba Co-Founder Jack Ma To Retire On Monday

JAVED SAIFI | 0
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| September 8 , 2018 , 12:58 IST

In an interview with New York Times on Friday major e-commerce brand, Alibaba co-founder and executive chairman Jack Ma announced its retirement to devote his time to philanthropy focused on education.

Ma announced that he will retire on Monday and described it as the beginning of a new era.

Ma, founder of $420 billion online product selling company is one of the top richest and successful businessmen on the planet. With a net worth of $38.6 billion dollars, Ma is the third richest in China and 20th richest in the world.

Beyond Alibaba, Ma is an investor to major companies around the world including India’s Paytm.

Also Read: Billionaire Mukesh Ambani Overtakes Jack Ma To Become Asia's Richest Person

A former English teacher, Ma co-founded Alibaba with 17 others out of his apartment in Hangzhou, Zhejiang province, in 1999. He built it into one of the world's most consequential e-commerce and digital payments companies, transforming how Chinese people shop and pay for things which fuelled his net worth, making him China's richest man.

Ma will remain on Alibaba's board of directors and continue to mentor the company's management. He will turn 54 on Monday, which is also a holiday in China known as Teacher's Day.

The retirement makes Ma one of the first founders among a generation of prominent Chinese internet entrepreneurs to step down from their companies.

Last month, Alibaba reported a 60 percent increase in quarterly sales, even as profits fell. The company's annual revenue totals about 250 billion yuan ($40 billion).

(with inputs from IANS)