Alibaba's Ma steps down as industry faces uncertainty

Cornelia Mascio
Сентября 10, 2019

Ma steps down as executive chairman of China's largest company on his 55th birthday with a fortune estimated at $ 41.8 billion.

Jack Ma, the self-made Chinese business magnate with a net worth of almost $42 billion and founder of the online shopping giant Alibaba, has officially retired from the company he started.

The entrepreneur, whose Chinese name is Ma Yun, is one of China's most famous public figures. He's celebrating his retirement with a big bash at an Olympic-sized stadium in the company's hometown of Hangzhou.

After two decades building Alibaba into a $460 billion business, Ma is now pivoting full time to philanthropy.

Ma stepped down Tuesday as part of a succession announced a year earlier. He still holds a 6.22% share and will stay on the board of directors until next year's annual shareholders' meeting. After that, he will remain a member of the 38-person Alibaba Partnership, a group with the power to nominate or appoint board members. Domestic businesses accounted for 66 per cent of its United States dollars 16.7 billion in revenue in the quarter ending in June.

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