Business

Ali Baba’s Chairman Jack Ma, retires

Jack Ma, Alibab’s Chairman announced his retirement on Tuesday 9th September, 2019. He indicated in a public press conference that he would be dedicating his time to philantrophy and rural education.

Jack Ma grew up poor in communist China, failed his university-entrance exam twice, and was rejected from dozens of jobs, including one at KFC, before finding success with his third internet company, Alibaba.

Today AliBaba is a successful e-commerce venture with suppliers and sellers plying their trade to an ever-growing customer base. The business has a networth of over USD400 billion dollars.

But this isn’t the end

  • It is likely that Ma will continue to play a pivotal role in the business future. Ma remains a founding partner and one of several others responsible for controlling the licenses which govern the business operations;
  • Alipay faces certain fierce competition and it is likely it will continue to do so especially if its competitors smell a drop in leadership. Ma will likely continue in his role with Alipay which governs most of the site digital payment systems.
  • It is noteworthy that Ma (born 1964) is still relatively young and will likely be spending his time in other business ventures as well. The general ethos is that he is unlikely to be considered out of the game.

Jawdropworthy attempted to contact a representative of Alipay for comment on the business future and competitor ‘wechat’ but have thus far been unable to acquire comment on the issue.

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