Founder: Jack Ma joins the head of Alibaba

He built up one of the largest Internet companies in the world with his online trade and became the richest Chinese. Now Jack Ma wants to devote himself to new tasks.

Founder: Jack Ma joins the head of Alibaba

The chief and co-founder of Chinese internet company Alibaba, Jack Ma, announced his withdrawal from company for next week. On Monday he will take his leave, internet billionaire said in an interview with New York Times. His step was not end, but "beginning of an era," said Ma. He now wants to concentrate on his charitable involvement in field of education. However, he wants to remain on supervisory board.

The former English teacher Ma had founded Alibaba 1999 and expanded company to a billion-dollar Internet company. It is not only China's market leader in online trading, but also active in or industries such as media and film industry. The company's success is also based on high investments in logistics networks to deliver goods within China. In addition came own payment system Ant Financial, originally Alipay.

In last quarter alone, sales rose by 61 percent to 80.9 billion yuan (around 10.2 billion euros), as company shared in August. Alibaba has 576 million active users in its Chinese trading platforms. According to stock exchange closing price of Friday Alibaba is worth 420.8 billion dollars (361.8 billion euro). Jack Ma is considered richest Chinese.

The growth of company was not always easy. Among or things, re was trouble with Chinese authorities because of sale of counterfeit goods. The USA also blacklisted Alibaba in years 2016 and 2017 due to counterfeit marks.

Updated Date: 09 September 2018, 12:00

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