The richest man in China JACK MA has resigned from Alibaba, the e-commerce company he co-founded and was the executive chairman of. He tells the media that this is “the beginning of an era” for him as he embarks on the next leg of his life journey into philanthropy and education. Alibaba is worth $420 billion dollars and so it will be interesting to see whether it remains as China’s e-commerce giant which basically is its own monopoly there.

Ma does plan to remain as a board member of Alibaba and continue mentoring management to ensure the company continues to grow. Here is more from SBS News:

A former English teacher, Ma started Alibaba in 1999 and built it into one of the world’s most consequential e-commerce and digital payments companies, transforming how Chinese people shop and pay for things.

That fuelled his net worth to more than $40 billion, making him China’s richest man.

He is revered by many Chinese, some of whom have put his portrait in their homes to worship in the same way that they worship the God of Wealth.

Ma is retiring as China’s business environment has soured, with Beijing and state-owned enterprises increasingly playing more interventionist roles with companies.

He owns a 6.4 percent stake of Alibaba, according to securities filings.

Ma, a natural salesman and charismatic leader, co-founded Alibaba with 17 others — some of them his students — out of his apartment in Hangzhou in eastern Zhejiang province in 1999.

I am sure we will hear more of him considering how rich and eccentric he is. Good luck to his future endeavors.

Images via SBS News

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