Alibaba’s Jack Ma To Retire To Focus on Philanthropy

Jack Ma will retire as chairman of Alibaba on Monday. File

Talking exclusively to The New York Times, Jack Ma said that his retirement will mark the beginning of a new era. He would take the company to astronomical heights and make it China's major e-commerce website in the years to come.

After being knocked back by USA venture capitalists in 1999, a cash-strapped Ma persuaded friends to give him $60,000 to start Alibaba, which operated out of an apartment in Hangzhou. Alibaba has more than 86,000 employees on staff.

Ma will turn 54 years old on Monday, the day he is retiring.

Ma is part of a generation of billionaire entrepreneurs who made their fortunes as China embraced the digital age, creating some of the country's largest and most successful companies in the space of little more than a decade.

Ma's success was evident after Alibaba's Taobao bested eBay in China, forcing the USA auction site to largely withdraw from the country in 2006. But Ma on Thursday told Bloomberg TV that he was mulling an early retirement similar to Bill Gates' early exit from Microsoft.

Jack Ma, the founder of Alibaba Group Holding Ltd, waves as he arrives at the New York Stock Exchange in New York, US, September 19, 2014.

"There are a lot of things I can learn from Bill Gates".

While Alibaba has become dominant in China, it has faced a tougher time expanding internationally.

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

Though he will no longer be involved in the day-to-day operations of the company, Ma will continue to serve on Alibaba's board where he will offer his input about the future financial direction of the company. Ma even believes that he can "do much better" at teaching than he did as CEO of Alibaba. Adding that he loves education, Jack Ma said that after stepping down his focus will be on education. When asked if his retirement could happen as soon as this year, Ma smiled and said, "You'll know very soon". He was released and returned to China, although the investigation remains active. According to the paper current CEO Daniel Zhang is a "candidate" to replace Ma, who plans to pursue philanthropy in education.

Ma said he sees himself as an accidental executive.

He started Alibaba.com in 1999 as a business-to-business marketplace, backed by $60,000 from 18 co-founders. However, in contrast to the American magnate, he wants to "retire earlier".

Related news:

Hot News

isis-killer-beheading-video-story-top Liberty University could leave Nike after Colin Kaepernick ads, Falwell Jr. says
Sep 08, 2018 - 10:18
That percentage was down to 10 percent among millennials and 6 amongst Generation Z. Open champ, said the biggest victor might be the publicity sparked for Nike .

isis-killer-beheading-video-story-top Trump Campaign Adviser George Papadopoulos Gets 14 Days in Jail
Sep 08, 2018 - 06:26
Gordon, former National Security Adviser for the Trump campaign, echoed similar sentiments, while blasting the Mueller probe. Sessions who appeared to like the idea and stated that the campaign should look into it".

isis-killer-beheading-video-story-top Trump Demands NYT Turn Over Anonymous White House Critic
Sep 07, 2018 - 08:19
Mueller has asked the White House for access to Trump, and administration officials have negotiated for months over how that might happen.

isis-killer-beheading-video-story-top Jackson as a young Nick Fury in 'Captain Marvel'
Sep 07, 2018 - 06:04
She's left her earthly life behind to join an elite Kree military team called Starforce, led by Jude Law's enigmatic commander. The film's Starforce adds Lee Pace as warlord Ronan the Accuser, reprising his role from 2014's " Guardians of the Galaxy ".

isis-killer-beheading-video-story-top Cowboys offered second-rounder for Earl Thomas in last week
Sep 07, 2018 - 05:33
In Thomas' absence, the Seahawks have been preparing to start 2017 fourth-round pick Tedric Thompson at free safety. That has led to a stalemate that has had Seattle entertaining trade offers for Thomas since last spring.

isis-killer-beheading-video-story-top Defending champion Sloane is eliminated by Anastasija
Sep 07, 2018 - 04:49
Defending champion Sloane Stephens during her quarter-final match against Anastasija Sevastova on Tuesday. Right now you're in the tournament, you're playing next tournament next week, and you don't feel it.

isis-killer-beheading-video-story-top Nishikori takes revenge on Cilic
Sep 07, 2018 - 04:45
Osaka broke in the second and sixth games of the opening set which was wrapped up in just 24 minutes. "I fought for every point". This one wasn't exactly simple for Djokovic: He only converted four of 20 break points.

isis-killer-beheading-video-story-top Apple may replace Plus branding with Max on 6.5-inch iPhone Xs
Sep 07, 2018 - 04:30
While the low-end model could be a great entry point for price-conscious users, the iPhone XS is sure to be the star of the show. If you have an iPhone 8 and are having issues with it, there is a recall you may want to know about.

isis-killer-beheading-video-story-top Twitter permanently bans Alex Jones, Infowars, citing abuse
Sep 07, 2018 - 03:04
Twitter said Jones posted a video on Wednesday that violates the company's policy against "abusive behaviour". Jones heckled Darcy in a Capitol Hill hallway where reporters were waiting to enter the House committee room.

isis-killer-beheading-video-story-top Burt Reynolds Cause of Death: How Did the Actor Die?
Sep 06, 2018 - 23:28
His father was in the military, and the family briefly lived in MI before settling in Florida when Reynolds was 10 years old. Reynolds kept trying to win an Oscar in his later life, with his first nomination coming in 1997 for Boogie Nights .

isis-killer-beheading-video-story-top Former senator to replace McCain, at least until January
Sep 05, 2018 - 14:52
Flake, a former Arizona congressman who was elected to replace Kyl, has said the older man was a mentor to him. Cindy McCain quickly offered her support , calling Kyl "a dear friend of mine and John's".

isis-killer-beheading-video-story-top Senate Supreme Court hearings have become a pathetic farce
Sep 05, 2018 - 13:40
More than a dozen protesters, shouting one by one, disrupted the hearing at several points and were removed by police. Of course, Democrats haven't asked any of those questions yet - that begins Wednesday morning.

isis-killer-beheading-video-story-top One dead, many feared trapped in Kolkata bridge collapse
Sep 05, 2018 - 13:23
My thoughts are with the families of the victims. " Bridge deserved better maintenance". "I have come to see the rescue work". Chief Minister Mamata Banerjee , who is now in Darjeeling, promised to initiate a high-level inquiry.

isis-killer-beheading-video-story-top United must show winning mentality, says Lukaku
Sep 05, 2018 - 12:57
Writing on Twitter, Rashford said: "Emotions got the better of me, I shouldn't of reacted like that". He prepared [for] the game in a very good way.

isis-killer-beheading-video-story-top Rafael Nadal outlasts Dominic Thiem in marathon match at US Open
Sep 05, 2018 - 10:12
The 23-time Grand Slam champion looked set to romp home when she seized the first set from Kanepi in just 18 minutes. Anderson , in contrast, won 72 percent of points on his first serve - which is usually his biggest asset.