Alibaba co-founder Jack Ma to retire

Alibaba co-founder Jack Ma to retire

Jack Ma, the co-founder and executive chairman of Alibaba which is one of the most consequential e-commerce and digital payments companies in the world, plans to step down from his post to pursue philanthropy in education. Ma will provide transition plans over a significant period of time, the spokesman was quoted as saying, adding that the succession strategy is part of a management plan 10 years in the making.

Earlier Friday, Ma said he could "retire earlier" during a conversation with Bloomberg about Bill Gates' career.

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

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Shares of Alibaba fell more than two per cent in after-hours trading on reports of his retirement. "I can never be as rich, but one thing I can do better is to retire earlier", Ma said during an interview last week with Bloomberg Television.

Ma, who boasts a net worth of almost $40 billion(€34 billion), making him China's richest man, said he would use his retirement to focus on his philanthropic work, mainly around education.

He now has a net worth of about $39 billion, Forbes estimated, making him the second-richest person in China and the 20th-richest in the world. 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.

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The co-founder of $420the billion internet company, Jack Ma, has announced that he will be retiring from Alibaba on Monday.

He started Alibaba from his flat in Hangzhou with a group of friends. Ma established the Jack Ma Foundation in 2014, which fosters education for those in rural China, and has professed his love of education. Ma also controls Ant Financial, which was valued at about $150 billion after a recent fundraising round. On one hand, Chinese tech companies are facing increased scrutiny by the Chinese government led by President Xi Jinping, on the other hand, the tech firms are caught in an escalating trade war between the United States and China. Only 3 to 4 per cent usually make it to the fourth generation and beyond, UBS said.

A former English teacher before establishing Alibaba with 17 partners, Ma is known by colleagues as "Teacher Ma". Ma even believes that he can "do much better" at teaching than he did as CEO of Alibaba. Apart from e-commerce, Alibaba also handles digital payments, online banking, cloud computing and digital media and entertainment, reported CNET.

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