Alibaba co-founder and China’s richest man announces retirement

Alibaba co-founder and China’s richest man announces retirement
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Jack Ma, The co-founder and chairman of Alibaba plans to retire from the Chinese e-commerce giant on Monday to devote his time to philanthropy focused on education, he told The New York Times in an interview. He said that he plans to step down from the company on Monday, on his 54th birthday.

In an exclusive New York Times interview, the Chinese billionaire said on Friday that his retirement was not the end of an era but “the beginning of an era”.

“I love education,” the Chinese billionaire said, adding that he would be spending more of his time and fortune focused on education.

He was an English teacher before starting Alibaba in 1999 and he founded Alibaba alongside 17 other people. Initially developed as a business-to-business e-commerce solution.

The Alibaba empire now spans well beyond online retail and payments to include cloud computing, digital media and entertainment, with sterling revenue growth that jumped another 61 per cent in the quarter ending June 30.