Jack Ma, Alibaba co-founder and China’s richest man, announces retirement

Alibaba prepares to ring the bell at the New York Stock Exchange on Sept 19 2014. Ma China’s richest man plans to retire from his e-commerce company to focus on philanthropy. The New York Times

China's richest man Jack Ma will retire on Monday

Ma helped build it into a $420 billion company with more than 500 million Chinese customers.

Ma, who gave up the title of CEO in 2013, said he now planned to devote his time and fortune to education.

Ma will remain on the company's board of directors and continue to mentor Alibaba employees, according to the New York Times.

Over the course of his tenure at Alibaba, Ma became China's richest man, earning a net worth of more than $40 billion. Monday is his 54th birthday, and the Chinese holiday Teacher's Day, making the announcement particularly timely.

Cincinnati bank shooting reportedly leaves four dead including gunman
Investigators believe that Perez legally purchased the 9mm semi-automatic pistol, which was recovered on the scene, Isaac said. Police earlier characterized it as an "active shooter/officer involved shooting incident" in a tweet , but did not elaborate.

Mr Ma began his professional life teaching English at a university in the Chinese city of Hangzhou, in eastern Zhejiang province.

Mr Ma told the New York Times that his decision to stand down was not the end of an era but "the beginning of an era" and that he "loved" 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 can never be as rich, but one thing I can do better is to retire earlier".

Elon Musk smokes weed on Joe Rogan's podcast
Marijuana consumption is legal in the state of California, where the podcast was hosted. "I have a lot on my plate", Musk said. He said: "I think the future in where we are a space-faring civilisation out there among the stars, that is very exciting".

Ma, 53, is also China's wealthiest individual.

Huge conglomerates like Alibaba, Tencent, Baidu and JD.com are to China what Facebook and Google are to the United States.

Ma was an English teacher before starting Alibaba in 1999. Initially developed as a business-to-business e-commerce solution. Alibaba later rolled out Alipay, an online payment service, to facilitate transactions in a country where few people had credit cards.

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 USA and China.

Serena, Stephens try to reach semifinals at US Open
I feel like she has a big chance because the players which stayed [in the tournament], I feel like she can beat all of them". You can't control the weather, can't control what the tournament is going to do. "So obviously I know her game really well".

Ma has inspired strong devotion among his employees and users, drawing comparisons with late Apple co-founder Steve Jobs - although he practiced a more open management style. He cited Microsoft co-founder and philanthropist Bill Gates as an example.

Latest News