Bejing, Sep 8: Alibaba co-founder and chairman Jack Ma plans to retire from the Chinese e-commerce giant to devote his time to philanthropy focused on education, he told the New York Times in an interview.
Ma told The New York Times that his retirement is not the end of an era but "the beginning of an era." He said he would be spending more of his time and fortune focused on education. "I love education," he said. Ma was an English teacher before starting Alibaba in 1999 and built it into a multibillion-dollar internet colossus, becoming one of the world's richest men and a revered figure in his homeland.
Mr. Ma will remain on Alibaba's board of directors and continue to mentor the company's management. Mr. Ma turns 54 on Monday, which is also a holiday in China known as Teacher's Day. His own worth has soared along with that of the company, which was valued at USD 420.8 billion based on its share price at the close of trade on Friday.
Hollywood filmmaker Steven Spielberg with Jack Ma during the signing of the agreement between Amblin Partners and Alibaba Pictures Group Limited to co-produce and finance films for global and Chinese film markets in Beijing on Sunday. PTI Photo (2016-10-09)