Jack Ma, or Mama Yun (10 September 1964), is a Chinese business magnate, investor, politician and philanthropist. He is the co-founder and former executive chairman of Alibaba Group, a multinational technology conglomerate. Ma is a strong proponent of an open and market-driven economy.
In October 1999 and January 2000, Alibaba twice won a total of a $25 million foreign venture capital investment. The program was expected to improve the domestic e-commerce market and perfect an e-commerce platform for Chinese enterprises, especially small and medium-sized enterprises (SMEs), to address World Trade Organization (WTO) challenges. Ma wanted to improve the global e-commerce system and from 2003 he founded Taobao Marketplace, Alipay, Ali Mama and Lynx. After the rapid rise of Taobao, eBay offered to purchase the company. However, Ma rejected their offer, instead gathering support from Yahoo co-founder Jerry Yang with a $1 billion investment.
Ma announced on 10 September 2018 that he would step down as executive chairman of Alibaba Group Holding in the coming year. Ma denied reports that he was forced to step aside by the Chinese government and stated that he wants to focus on philanthropy through his foundation.Daniel Zhang would then lead the way ahead for Alibaba as the current executive chairman.
A prominent business leader, Ma is seen as a global ambassador for Chinese business and as such is frequently listed as one of the world’s most powerful people & world’s 20th Richest Person by Bloomberg Billionaires Index & Forbes.He also serves as a role model for startup businesses.In 2017, he was ranked second in the annual “World’s 50 Greatest Leaders” list by Fortune.In September 2018, he announced that he would retire from Alibaba and pursue educational work, effective in one year, with Daniel Zhang succeeding him as executive chairman.
As of 2 February 2019, he is China’s richest man, with a net worth of $41.1 billion, as well as one of the wealthiest people in the world and also was ranked 21st in the world by Forbes Magazine’ World’s Most Powerful People.
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