Chinese Business tycoon and Alibaba chief, Jack Ma, has announced his retirement from the Chinese e-commerce giant on his 54th birthday on Monday to devote his time to philanthropy focused on education.
before starting Alibaba in 1999 Ma worked as an English teacher.
His own worth has soared along with that of the company, which was valued at $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.
ALSO READ: Hold tight for Big Apple Watch at ‘Big show’
After being knocked back by US venture capitalists in 1999, cash-strapped Chinese entrepreneur Ma persuaded friends to give him $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 $36.6 billion by Forbes.