He has accumulated 40 billion dollars, which makes him the richest in China.
The head of the Internet retailer Alibaba Group, Jack Ma, told about plans to leave the company on September 10, when he will be 54 years old and China will come Teacher’s Day. As reported by The New York Times, the entrepreneur will remain on the board of directors and will be a mentor for leadership.
After leaving the Alibaba Group, Jack Ma, a former English teacher, will focus on charity in educational projects. In an interview with Bloomberg, the businessman compared his departure with the “beginning of a new era” and cited the example of Microsoft co-founder Bill Gates, who also deals with philanthropy.
The NY Times linked Ma’s departure with the deterioration of the business environment in China and the increasing government intervention in the work of private companies. Also, the Chinese economy has faced slow growth, increased debts and an aggravation of the trade war with the US, the publication noted.
Ma’s fortune is estimated at 40 billion dollars, which makes him the richest man in China. As emphasized by the NY Times, some Chinese people even place his portraits in their homes, worshiping him as the god of wealth.
Alibaba earned in 1999. Since then, the company has evolved into the dominant market for e-commerce and digital payments in China, covering most of the electronic services – from networks and digital media to entertainment and Slack. Alibaba also invested in Indian and Asian companies, and also hopes to gain a foothold in the US. The annual income of Alibaba Group is about 40 billion dollars, the value of the holding is estimated at 420 billion dollars.