News24
11 Sep 2019, 05:43 GMT+10
Jack Ma is giving up the reins of Alibaba Group after presiding over one of the most spectacular creations of wealth the world has ever seen.
The former English teacher steps down as executive chairperson of China's largest company on his 55th birthday after amassing a $41.8bn fortune - a trove surpassed only by India's Mukesh Ambani in Asia, according to the Bloomberg Billionaires Index. His record-breaking rise from a bootstrapped entrepreneur working out of his apartment in 1999 to jet-setting e-commerce mogul is one for the history books, mirroring China's own evolution from technological backwater to world's No. 2 economy.
Over two decades, Ma and his co-founders built a business-to-business marketplace into a $460bn titan that bested EBay and Amazon.com, operates one of the world's largest cloud computing businesses, and runs a logistics network that delivers millions of parcels every day. Now the country's most recognisable businessman, he hands the helm on Tuesday to finance maven Daniel Zhang - a momentous transition for Asia's largest corporation.
Ma became Asia's richest person in 2016, overtaking Dalian Wanda Group chairperson Wang Jianlin. The title now belongs to Reliance Industries chairperson Ambani, who's worth $47.4bn, according to a Bloomberg ranking of the world's 500 wealthiest individuals.
The Alibaba co-founder has become the face of Chinese business even while a member of the ruling Communist Party. Ma, who recalled in a 2015 interview how KFC once rejected his job application, currently owns a 5.3% Alibaba stake worth $24.6bn, or about 10-fold the $2.6bn his 7.4% slice in 2012 was worth. Since taking over as executive chairperson in 2013, Alibaba's revenue has surged about 1 100% to 378.8 billion yuan ($56.2bn) in the year ended March 2019. His fortune doesn't count shares in the company held by his foundation, or the value of stock he's sold over time.
Ma isn't the only person to derive fabulous wealth from the Alibaba empire. The company's trajectory at one point spawned at least 10 other billionaires across its ecosystem, from a parcel delivery company and supermarket to an online payments affiliate. Despite stepping down, Ma is expected to remain pivotal to a sprawling industrial machine with e-commerce at its heart.
"At this point, it's still unlikely that Zhang would make important decisions without Ma's support," said Brock Silvers, managing director at Shanghai-based Kaiyuan Capital, an investment advisory firm.
Get a daily dose of New Orleans Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to New Orleans Sun.
More InformationNEW YORK, New York - U.S. stocks rose again Friday after momentous gains a day earlier. Gains on Friday however ...
CHICAGO, ILLINOIS - Since the Trump administration began reshaping trade policy in early 2018, U.S. farmers have endured fluctuating prices ...
Operating as a small business is tough at the best of times, but Eskom's rolling blackouts has really thrown a ...
The Xinjiang regional government in China's far west is deleting data, destroying documents, tightening controls on information and has held ...
Chennai (Tamil Nadu) [India] Dec 14 (ANI/BusinessWire India): MGM Healthcare, a multi-specialty quaternary care hospital in the heart of the ...
Former Tongaat Hulett interim chief executive officer Sydney Mtsambiwa has stepped down as chair of a Zimbabwe Stock Exchange-listed bank, ...
AUCKLAND, New Zealand - New Zealand Defence Force and police officers successfully recovered six bodies from Whakaari/White Island on Friday, ...
LONDON - Prime Minister Boris Johnson's Conservative Party will win an overwhelming victory in Britain's election with a majority of ...
BETHLEHEM, Palestinian territories - Israel announced Thursday that Christians in the Gaza Strip will be barred from visiting Holy cities ...
NIAMEY, Niger - At least 71 soldiers were killed and twelve others sustained injuries in a deadly terror attack that ...
BAGHDAD, Iraq - As protests in Iraq enter their third month, the numbers of arrests, abductions, and killings of protesters ...
SYDNEY, Australia - Two Australian schoolboys severely injured in the White Island volcano eruption in New Zealand on Monday have ...