Published On: Sat, Sep 8th, 2018

Jack Ma Founder of Alibaba and China’s richest man retires from his company

Jack Ma; the co founder and chief executive of Chinese E-Commerce giant of a company known as Alibaba has decided to step down from it all. The reason behind this retirement is to pursue philanthropy in education after stepping down from a company that has net worth of 420 billion dollars.

Alibaba’s Jack Ma, China’s Richest Man, to Retire From Company He Co-Founded

Mr. Ma was formerly an English teacher who founded Alibaba back in 1999 and created it into a giant E-0commerce and digital payment company that forever changed the way Chinese shop and paid for things. With the company his own net worth was recorded to be 40 billion dollars making him the richest man in China.

He is so revered by many Chinese people that they have erected portraits of him in their house and worship him like a God of Wealth.

Also See:Top 10 Most Profitable Online Businesses In The World 2018

One other factor that fueled Mr. Ma’s retirement from the company is that the Chinese bossiness environment has been soured by many state based companies doing interventionist roles with other companies.

During the presidential reign of Xi Jinping; Chinese internet market has flourished rapidly that has prompted government to put a leash for a hold. In the past few years, the Chinese economy is facing slow economic growth as well as being embroiled with USA in trade war.

Mr. Ma in an interview about his retirement said that, “my retirement is not an end of an era but is actually a start of one. I love education and I am going to spend now most of my time and fortune on education promotion”.

Mr. Ma who turned 54 years old earlier this week ahs said that he will continue to remain on company’s board of directors and will mentor company’s management.

With his retirement, Mr. Ma is the first ever prominent Chinese internet entrepreneur and founder who have stepped down from his company’s position.

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