Jack Ma Steps Down As Executive Chairman Of Alibaba, Amassing $41.8 Billion Fortune

Jack Ma Steps Down As Executive Chairman Of Alibaba, Amassing $41.8 Billion Fortune

New Delhi: The Alibaba Group Holding Ltd. lost a gem as Jack Ma is giving up as the executive chairman of China's largest company after presiding over one of the most spectacular creations of wealth the world has ever seen.

Jack Ma, an former English teacher steps down as executive chairman of China's largest company on his 55th birthday after amassing a $41.8 billion fortune - a trove surpassed only by India's Mukesh Ambani in Asia, as per 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 $460 billion titan that bested EBay Inc. and Amazon.com Inc., 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 recognizable businessman, he hands the helm on Tuesday to finance maven Daniel Zhang -- a momentous transition for Asia's largest corporation.

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Even while a member of the ruling Communist Party, the Alibaba co-founder has become the face of Chinese business. Ma, who recalled in a 2015 interview how KFC once rejected his job application, currently owns a 5.3% Alibaba stake worth $24.6 billion, or about 10-fold the $2.6 billion his 7.4% slice in 2012 was worth. Since taking over as executive chairman in 2013, Alibaba's revenue has surged about 1,100% to 378.8 billion yuan ($56.2 billion) 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.

Despite stepping down, Ma is expected to remain pivotal to a sprawling industrial machine with e-commerce at its heart.

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