Jack Ma, the richest man in China and Co-Founder of Alibaba retires at 54

Jack Ma, the richest man in China and Co-Founder of Alibaba retires at 54

Jack Ma, the Alibaba Executive Chairman and co-founder of Alibaba who founded the giant e-commerce firm in the year 1999 and devoted all his life and time to build up the company and philanthropy in education is now planning to retire from his post.

However, he didn’t appear for any comments or respond to any of the news till now. His teachings are currently skyrocketing in the field of English as he becomes the richest man in China. He even joked about him being not a natural technology executive often. But Alibaba has gone to a new level under his guidance and constant support that made it the biggest group with China’s one of the largest technology conglomerates.

Alibaba is often compared with other giant Amazon.com which is also its parent company in the field of online payment, e-commerce, cloud computing, banking and entertainment. In addition to this, the company holds a stake in several Chinese media companies that also include the top microblogging site known as Weibo.

As per the last year records, Alibaba reported approximately $40 billion of the total revenue. If we compare the latest quarterly revenue then it is approximately $10 million in the e-commerce revenue. Reportedly, the company has the active fan base of a total of 524 million hits.

Ma worked as the Chief Executive for Alibaba until 2013 when he stepped down and took the position as a chairman. In 2014, he founded the most famous and recognized the philanthropic organization for education, Jack Ma Foundation. In 2104 September, the New York Stock Exchange, Ma was on the podium to ring off the opening bell.

The shares of the company have already gone down by 2 per cent that comes out just after hours of reports of Ma’s appointment.

It is said that Chinese Executive to retire so young is unusual. On Thursday, Ma told that he was mulling on an early retirement that is said to be similar to Bill Gates early exit from Microsoft. When he questioned whether his retirement will be soon as well, he simply replied: “You’ll know very soon”.

In 2017 July met the USA President Trump, it is a part several aggressive moves to introduce himself to the new administration as he even pursued a deal to acquire approximately Dallas-based money transfer group MoneyGram.

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