Today’s tech news: Alibaba co-founder Jack Ma will retire in September 2019

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areflect Jack Ma
Billionaire Jack Ma, chairman of Alibaba Group Holding Ltd, speaks at the Asian Leadership Conference in Seoul, South Korea, on Tuesday, May 19, 2015. Wasu Media Holding Co., the Chinese media company backed by Jack Ma, has held talks with Netflix Inc. as the broadcaster of "House of Cards" seeks to enter China's $5.9 billion online video market. Photographer: SeongJoon Cho/Bloomberg *** Local Caption *** Jack Ma

Jack Ma with the help of 17 members has found the china’s E-commerce giant Alibaba in the year 1999. Currently, Alibaba is one of the largest E-commerce in the world. As of June 2018, Alibaba’s net worth is $542 billion.

Jack Ma, who is going to turn 54 next year, has announced that he will retire on September 10th 2019. He is currently one of the top 10 richest men in the world.

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Source: Bangkok Post

The current Cheif executive of Alibaba, Daniel Zhang will take the chairmanship of Alibaba after Jack Ma. He will remain as one of the directors of Board until 2020.

In a letter to customers, Jack Ma has said that he wants to return to education. He continued to say that “I am still young and The world is big. so I want to try new things, because what if new things can be realized?”.

 History of Jack Ma and Alibaba:

Jack Ma was born in Hangzhou, Zhejiang in China on 10th September 1964. At a very young age, Jack Ma started learning English and in the year 1988, he graduated with a BA in English. He applied for almost 30 jobs including KFC only to get rejected.

He later on started building websites with the name “China pages” with an investment of $20,000. Within three years of investment, the company worth ha reached $800,000.

In the year 1999 Jack Ma along with his friends has founded the Alibaba. Alibaba is the name of Arabian literature one thousand and one nights. Due to its universal presence, they have named the company after it.

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Source: SlideShare

It provides various services. Sales services related to Consumer to the consumer, business to consumer and business to business along with web portals, digital payment services, and cloud computing services.

As of 2014, Alibaba.com which is a part of Alibaba is the largest trading platform in the world for online small business to business.

Presently almost 500 million Chinese customers use Alibaba E-commerce site to buy from daily household products to clothes to electronic devices.