Jack Ma, one of the world’s richest people is expected to resign as Chairman of Alibaba, a company he founded in 1999 today, September 10, 2019, ABC News Ghana has gathered.
The company set-up by Jack Ma, Alibaba Group Holding Limited, is a Chinese multinational conglomerate holding company specializing in e-commerce, retail business.
His resignation coincides with the celebration of his 55th birthday.
“I still have lots of dreams to pursue. Those who know me know that I do not like to sit idle. The world is big, and I am still young, so I want to try new things— because what if new dreams can be realized?” Jack Ma wrote in an open letter announcing his resignation last year.
The multi-billionaire is set to invest his fortune in education like his role model Bill Gates who retired from active business in order to become a philanthropist of world acclaim.
As a disadvantaged child, Jack Ma was compelled In 1999, to stop schooling, a situation that subsequently turned into a motivation to create Alibaba.
He started the business from his apartment in Hangzhou in Eastern China, borrowing $60,000 from friends.
He overcame many setbacks and rejection by American investors in establishing the business but eventually succeded in raising the largest Initial Public Offer (IPO) in history on Wall Street in 2014, $25 billion.
From his humble beginning, Alibaba now boasts of more than 750 million active users monthly.