Report: Alibaba co-founder Jack Ma to retire

AP
By Associated Press, 09 September 2018

SAN FRANCISCO (AP) — The New York Times is reporting that Jack Ma, the co-founder and executive chairman of Chinese e-commerce behemoth Alibaba Group, is retiring.

ADVERTISEMENT

The Times said that in an interview, Ma said he planned to step down as executive chairman on Monday to pursue philanthropy in education. He will remain on Alibaba's board of directors.

Ma started Alibaba in 1999 in his apartment in the Chinese city of Hangzhou and is now among the richest people in the world.

The company went public on the New York Stock Exchange in 2014 and has a market value of about $421 billion. It's the world's biggest e-commerce company by total value of the merchandise sold across its platforms, which include Taobao and TMall.

Alibaba did not immediately respond to a request for comment.

AP
By Associated Press, 09 September 2018

Related Stories


Bg pattern top

Sign in for free to read more stories

Bg pattern light

UPGRADE TO PREMIUM

Subscribe to Samoa Observer Online

Enjoy access to over a thousand articles per month, on any device as well as feature-length investgative articles.

Ready to signup?