Today’s latest trending news is from Hong Kong where Jack Ma, the co-founder of Ali Baba, has finally decided to give up the reins of Ali Baba Group Holding Ltd. after a spectacular stint at world’s largest growing ecommerce business.
Jack Ma steps down on his 55th birthday
It is only after amassing a wealth of $41.8 billion that the former English teacher Jack Ma resigned from the post of Executive Chairman of China’s largest company. His journey from working from his apartment in 1999 to becoming a jet-setting e-commerce mogul in 2019mirror’s China’s economic growth to become world’s no. 2.
Jack Ma along with the co-founders of Alibaba Group Holding Ltd. built a B2B marketplace worth $460 billion that competes with world’s best including EBay Inc. and Amazon.com Inc. Alibaba owns the largest cloud computing business and operates a logistics network delivering millions of parcels every day. Jack Ma will handover the business to finance maven Daniel Zhang.
Jack Ma history
Once an English teacher, Jack Ma never thought of creating an empire that he owns today. Today, he is the second richest man in Asia and a member of the ruling Communist Party of China. But he had a troubled past marred with rejections – KFC rejected his job application recalled Jack Ma in a 2015 interview.
The largest B2B company is doing well and its future is secure in the hands of Daniel Zhang. Also, the experts are of the view that Zhang is unlikely to take any policy decision without consulting Jack Ma.