It is reported that, Jack Ma, the co-founder and executive chairman of Chinese e-commerce behemoth Alibaba Group is retiring.
Mr Ma said he plans to step down as executive chairman on Monday to pursue philanthropy in education. He will remain on Alibaba’s board of directors.
In an interview, Mr Ma said he will be dedicating more of his time to philanthropy with the creation of a foundation in his own name focused on education, following in the footsteps of Bill Gates.
“There’s a lot of things I can learn from Bill Gates. I can never be as rich, but one thing I can do better is to retire earlier,” Mr Ma said in the interview. “I think some day, and soon, I'll go back to teaching. This is something I think I can do much better than being CEO of Alibaba.
“I've prepared a Jack Ma Foundation,” he added. “All these things that I’ve been preparing for 10 years.”
Alibaba went public on the New York Stock Exchange in 2014 and has a market value of approximately $421bn (￡325bn).
As of this year, it has the ninth highest global brand value and is the world’s biggest e-commerce company by total value of merchandise sold across its platforms.
The company broke records in 2015 when its online sales and profits surpassed all US retailers, including Walmart, eBay and Amazon combined.
In 2017, it orchestrated China Singles Day, a popular holiday among young Chinese people that celebrates their pride in being single on 11 November each year, into the worlds biggest online and offline shopping day, with its own sales reaching over $25.4bn (￡19bn) in just 24 hours.