The co-founder of $420the billion internet company, Jack Ma, has announced that he will be retiring from Alibaba on Monday. Jack Ma who will be turning 54 on September 10 has said that after quitting Alibaba he wants to pursue philanthropy in education. However, the Chinese billionaire will still remain on Alibaba’s board of directors. The Chinese billionaire who had randomly announced his retirement added that he will continue to mentor Alibaba’s management. Expressing his love for education, Jack Ma said that he will be spending most of his time and fortune to focus on education.
The day Jack Ma will be stepping down, September 10, is also celebrated as Teacher’s Day in China. In 1999, Jack Ma along with 17 others had founded Alibaba in Hangzhou, Zhejiang province.
Talking exclusively to The New York Times, Jack Ma said that his retirement will mark the beginning of a new era. Adding that he loves education, Jack Ma said that after stepping down his focus will be on education.
Alibaba’s co-founder, Jack Ma is also known as the richest man in China is widely praised in his country. Some of the houses have even put up his portrait and worship him like the God of Wealth.
As per reports, in August, Alibaba had reported an increase of 60 per cent in their quarterly sales. even though the profits of the e-commerce giant fell, the annual revenue was about $40 billion.
In 2014, Jack Ma founded Jack Ma Foundation that focuses on imparting education to one and all. Even though it has been made very clear that after stepping down from the chairmanship of Alibaba, Jack Ma will continue to be on board of directors but it still remains unclear that who will succeed him.