Alibaba co-founder Jack Ma, China's richest man, to retire

Alibaba co-founder Jack Ma, China's richest man, to retire

The retirement makes Ma one of the first founders among a generation of prominent Chinese internet entrepreneurs to step down from their companies. According to the paper current CEO Daniel Zhang is a "candidate" to replace Ma, who plans to pursue philanthropy in education. However, he will remain on Alibaba's board of directors and mentor the company's management.

"I love education", the Chinese billionaire said, adding that he would be spending more of his time and fortune focused on education. He turns 54 on Monday, which is a holiday in China known as Teacher's Day, reported AFP.

Ma was born in September 1964 to Chinese traditional musician-storytellers living in Hangzhou, an ancient capital that has become a global hi-tech hub and bastion of entrepreneurship, in part because of Alibaba's base there.

More news: Serena Williams advances to US Open final

Ma told the newspaper that his retirement "is not the end of an era but "the beginning of an era".

"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", he said.

Seeing an opportunity for small businesses to buy and sell their goods online, he started Alibaba, initially running the company out of his apartment in the eastern city of Hangzhou, where the company's headquarters remains.

More news: 4 missing after boats collide, sink on Colorado River

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

It transformed how Chinese people shop and pay for things, especially through the now ubiquitous Alipay digital payment service. He is referred to as "Teacher Ma" within Alibaba. The company has increased its presence outside China by investing in e-commerce and online finance companies in India and Southeast Asia.

As he prepares to leave the company, Ma is among China's super rich.

More news: Arnold Schwarzenegger Remembers Burt Reynolds As One Of His Heroes

Ma has long shown an admiration for Microsoft founder Bill Gates who has donated vast amounts of his wealth to philanthropic causes.

Related Articles

  • Novak Djokovic handles Kei Nishikori to set up delicious Del Potro showdown

    Novak Djokovic handles Kei Nishikori to set up delicious Del Potro showdown

    Nadal's challenge looked doomed even as early as the first set, as he was feeling the injury after just four games, he admitted. An eighth final is within reach and to achieve that, the 31-year-old expects Nishikori to make him sweat - literally.
    U.S. OPEN: Defending champ Stephens ousted by Sevastova

    U.S. OPEN: Defending champ Stephens ousted by Sevastova

    I ran back and hit a forehand cross-court - and the crowd went insane ", she said. "I'm very sorry for Dominic", Nadal added. The players put on fearless faces, but it certainly seemed that the conditions ruined a potentially grand occasion.
    Chelsea fans show their displeasure at Thibaut Courtois’ comments

    Chelsea fans show their displeasure at Thibaut Courtois’ comments

    He has taken digs at his former employers since and his latest comments about the club have wound fans up Chelsea fans further. Bale opened the scoring with a powerful effort, the seventh consecutive La Liga game in which he has scored.
  • Seahawks Declined New Offer From Cowboys Before Earl Thomas Reported to Seattle

    Seahawks Declined New Offer From Cowboys Before Earl Thomas Reported to Seattle

    Thomas' reaction to the lack of a resolution was clear in his post: "The disrespect has been noted and will not be forgotten".

    Student poster prank in Texas McDonald's goes unnoticed for nearly two months

    The student posted a photo to Twitter showing the poster still hanging inside the store 51 days after the prank began. In an interview with Click2Houston website, Maravilla said he and his friends were inspired by " Crazy Rich Asians ".
    Tropical storm: Gordon expected to hit MS  with hurricane force

    Tropical storm: Gordon expected to hit MS with hurricane force

    A few tornadoes are possible this afternoon through tonight near the coasts of Mississippi, Alabama, and the Florida Panhandle. The National Hurricane Center predicted a "life-threatening" storm surge of 3 to 5 feet along parts of the central Gulf Coast.
  • Trump Officials Deny They Wrote New York Times Op-Ed

    Trump Officials Deny They Wrote New York Times Op-Ed

    The paper's executive editor, Dean Baquet, is responsible for the news side and was not part of the decision. That was followed by his demand that the Times unmask the author under the guise of national security.
    US, India to carry out large-scale joint military exercises in 2019

    US, India to carry out large-scale joint military exercises in 2019

    Washington and New Delhi share concerns over Pakistan-based anti-Western and anti-Indian Islamist militant groups. None of the officials who spoke after the talks made any reference to where things stand on that issue.
    Twitter permanently bans Alex Jones, Infowars for repeated ‘abusive behaviour’

    Twitter permanently bans Alex Jones, Infowars for repeated ‘abusive behaviour’

    Twitter faced a lot of pressure from users to take action against Jones before the company issued that one-week suspension. Twitter said Jones posted a video on Wednesday that violates the company's policy against "abusive behaviour".
  • India legalises gay sex

    India legalises gay sex

    The law, while in existence, called for a maximum sentence of life in prison if one were caught taking part in homosexual acts. Back in July of 2009, the Delhi High Court decriminalized homosexuality, but it didn't stick.
    Our First Look at Brie Larson as 'Captain Marvel'

    Our First Look at Brie Larson as 'Captain Marvel'

    She's left her earthly life behind to join an elite Kree military team called Starforce, led by Jude Law's enigmatic commander. You can find the full Captain Marvel feature over at EW, who will be releasing more exclusive content as the week goes on.
    Dispute over releasing documents dominates Kavanaugh hearing

    Dispute over releasing documents dominates Kavanaugh hearing

    In a 2001 email, Kavanaugh addresses a legal challenge to an affirmative action program within the Department of Transportation. Cory Booker (D-NJ) on Thursday released a set of documents related to Supreme Court nominee Brett Kavanaugh .