Jack Ma, the billionaire who ushered e-commerce into China, is officially stepping down as Alibaba’s executive chairman on Tuesday. He’s celebrating his retirement with a big bash at an Olympic-sized stadium in the company’s hometown of Hangzhou.
Jack Ma, had co-founded Alibaba in 1999 and under his leadership; the company grew up to become one of Asia’s most valuable listed company.
The current market capitalization of Alibaba is around $460 billion.
Jack Ma had announced his decision to retire from the Chairman position in September 2018. He had handpicked Daniel Zhang as his successor. It is rare for a founder of such a big tech firm to retire so early. Jack Ma planned to retire on his 55th birthday.
Jack Ma has also been frequently listed by Forbes as one of the world’s most powerful people. Besides, being the co-founder of one of the biggest tech companies.
Last week, Alibaba announced investments of $2.7 billion in luxury goods retail platform Kaola and a music streaming firm in moves that partly demonstrated its flexibility in adopting new strategies.