After decades of hardwork in building a global brand that is fit to stand the test of time, Jack Ma, bids goodbye to Alibaba, the company he founded in 1999 which has grown to worth more than $460 billion. On the 10th of September, 2019 he retired from the position of the chairman of the Board, which was also on his 55th birthday.
Interestingly, the businessman, who is considered one of China’s richest personalities, plans to invest his fortune in education. He also plans to dedicate more of his time and resources towards charity. Following the footsteps of his role model Bill Gates, founder of Microsoft who retired from business to become one of the most generous philanthropists in the world.
As a disadvantaged child, Jack Ma had a modest beginning. In 1999, he left school to create Alibaba from his apartment in Hangzhou in eastern China, borrowing $60,000 from friends. Rejected at that time by American investors, he would later make the largest IPO in history on Wall Street in 2014, raising $25 billion.
In addition, Alibaba which now claims more than 750 million active users per month, has contributed to the huge growth in consumption in China through its Taobao and Tmall platforms.