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Alibaba to lose its Executive Chairman

One of the richest men in the globe Jack Ma, plans on retiring next year (2019). With a net worth of over $40 billion, Ma is giving back to his homeland by devoting himself to philanthropy and education.

Mr. Jack Ma, who was born on September 10, 1964, started Alibaba in 1999, but before turning the company to a billion-dollar internet retailer we know today, he first started off applying for 30 different jobs and have been rejected by all of them. In 1994, Ma later heard of the Internet and have been offered by his friends to go to the United States and learn about the potential of the internet in early 1995. Later on, after learning the power of the internet, Ma and her wife started the company “China Pages” in April of 1995, that lasted for three years and has raised 5,000,000 Chinese Yuan and at the time was $800,000.

With Mr. Ma being one of the most powerful men on earth stepping down, he will be passing the throne of the company to Daniel Zhang -the company’s current Chief Executive. The billionaire will stay as a board of director in Alibaba.

Alibaba has been growing bigger fast, the company doubled its value last year thanks to its vast influence on cloud computing, films, electronic payments, and retail. Alibaba is worth $420.8 billion and is already classified as one of the biggest companies in the world.

Mr. Ma said it was not the end but an era that is about to begin. He also added that he can learn a lot of things from Bill Gates, but said that there is something that he can do better than the Founder of Microsoft, and that is to retire earlier.