Jack Ma Stepping Down at Alibaba
CBJ — The billionaire founder of Alibaba has decided its time to reduce his duties at the online retail giant.
Jack Ma is stepping down as chairman of Alibaba, but the company is expected to continue to thrive.
A former English teacher, Ma decided to leave on his 55th birthday on September 10.
Ma plans to put his vast $42 billion fortune towards educational initiatives.
Ma was a cash-strapped Chinese entrepreneur when he convinced friends to give him $60,000 to start Alibaba in the eastern city of Hangzhou in 1999.
With monthly active users of more than 750 million today, Alibaba helped to unlock China’s massive consumer power.