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Saturday 08 Sep 2018 09.48 AM

Alibaba co-founder Jack Ma announces retirement

Alibaba, Jack Ma, retirement

San Francisco : Alibaba co-founder and chief Jack Ma announced he will leave from the Chinese e-commerce giant Monday to devote his time to philanthropy focused on education. Ma was an English teacher before starting Alibaba in 1999 and built it into a multibillion-dollar internet colossus His own worth has soared along with that of the company, which was valued at USD 420.8 billion based on its share price at the close of trading on Friday.

Ma told The New York Times that he plans to step down from the company, referring to his retirement as "the beginning of an era" rather than an end. After being knocked back by US venture capitalists in 1999, cash-strapped Chinese entrepreneur Ma persuaded friends to give him USD 60,000 to start an e-commerce firm called Alibaba. As he prepares to leave the company, Ma is among China's super rich. His net worth was estimated at USD 36.6 billion by Forbes.

Ma will turn 54 years old on Monday, the day he is retiring. He gave up his university teaching job after discovering the internet. Seeing an opportunity for small businesses to buy and sell their goods online, he started Alibaba, initially running the company out of his apartment in the eastern city of Hangzhou. "The first time I used the internet, I touched on the keyboard and I find 'well, this is something I believe, it is something that is going to change the world and change China,'" Ma once told CNN. PTI

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Saturday 08 Sep 2018 09.48 AM
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