×
You will be redirected back to your article in seconds

Jack Ma to Retire From Alibaba to Focus on Philanthropy (Report)

Jack Ma, the co-founder of e-commerce giant Alibaba and China’s richest man, says he is retiring from the company in order to focus on philanthropy.

No formal announcement has yet been made by the company to shareholders or the stock markets. Alibaba is China’s largest corporation and, with a listing on the New York Stock Exchange, is currently valued at $420 billion.

In a yet-to-be published interview with The New York Times, Ma said he would step down Monday – his 54th birthday – as executive chairman of the company that he helped found in 1999 and that has become a digital behemoth in the world’s most populous country. The paper said Ma would remain on Alibaba’s board of directors and continue in a mentoring role.

His retirement would mark “the beginning of an era” for him, one in which he could concentrate on charitable activities in education, a field close to his heart, he said in the interview.

Alibaba is active in sectors across the Chinese economy and has transformed many. One of those is entertainment, through its Alibaba Pictures arm, which owns a stake in Steven Spielberg’s Amblin Entertainment, and through its hugely popular movie-ticket sales app, Tao Piao Piao. The company also has a 12-year partnership with the International Olympic Committee, to help the organizers of the Olympic Games with digital strategy and processes.

Ma stepped down as CEO of Alibaba in 2013. That post now belongs to Daniel Zhang, a former head of Alibaba’s Taobao, the consumer-directed sales site that helped vault its parent company into the financial stratosphere from its humble beginnings as a B-to-B operation.

Although he was no longer in charge of the day-to-day running of the company, Ma continued to be Alibaba’s guiding hand and its most recognized face. He has become a familiar figure in both Hollywood and Silicon Valley, hobnobbing with the global elite at the World Economic Forum in Davos and other gatherings.

“Everyone has the right and the ability to give. It doesn’t matter how big or small your contribution is, and it doesn’t mean you have to do something big or be someone important to do philanthropy,” Ma Said recently at Alibaba’s conference on philanthropy, in Hangzhou. “Personal philanthropy is not about giving cash, but giving your heart, your time and most importantly, your action. Ultimately, personal philanthropy makes you a better person, and if everyone participates, we will have a better world.”

More Digital

  • Google Stadia is a Net Neutrality

    Google Stadia is a Net Neutrality Nightmare

    At the Game Developers Conference (GDC) this year, Google announced that it has taken up the long and ever-lengthening dream of the video game streaming service. Meant to replace the hefty, pricey, altogether confounding experience of buying and using various gaming hardware, Google Stadia will run video games on Google’s own hardware in a server [...]

  • crunchyroll logo

    Crunchyroll Raises Subscription Price to $7.99

    AT&T-owned anime subscription video service Crunchyroll is raising its monthly subscription price from $6.95 to $7.99 a month, it announced in an email to members Friday. It’s the service’s first price increase ever, according to a spokesperson. The new pricing will go into effect on May 1 for new subscribers, while existing members will see [...]

  • StyleHaul

    StyleHaul Shuts Down U.S. Operations, Lays Off About 65 Employees

    The axe is falling on StyleHaul: The fashion, beauty and lifestyle digital media and marketing company owned by RTL Group is shuttering U.S. operations, resulting the layoff of around 65 employees. StyleHaul offices in L.A., with about 55 employees, and in New York City, with around 10 staffers, are closing. RTL said StyleHaul’s U.K. operations, [...]

  • Bandsintown Platform Acquires Hypebot, MusicThinkTank

    Bandsintown Platform Acquires Hypebot, MusicThinkTank

    Bandsintown, a leading platform for letting music fans know about upcoming concerts by their favorite artists, has acquired Hypebot, a news site publishing stories about the music industry and technology, and its sister site MusicThinkTank. “I’m proud to share that Hypebot and MusicThinkTank have been acquired by Bandsintown,” wrote Bruce Houghton, the founder of the [...]

  • Star-Wars-The-Clone-Wars

    Netflix Will Lose Disney's 'Star Wars: The Clone Wars,' James Bond Movies in April 2019

    More Disney content is about to roll off Netflix: The 2008 “Star Wars: The Clone Wars” animated movie as well as six seasons of the subsequent “Clone Wars” series are among the titles set to leave the streaming service next month. According to Netflix, the original Lucasfilm movie along with “Star Wars: The Clone Wars” [...]

  • Vertigo Games Believes ‘Location-Based Virtual Reality’

    Vertigo Games Believes ‘Location-Based Virtual Reality’ Is Future of VR

    As virtual reality becomes more and more available, many developers are looking for new frontiers to expand the experiences offered by the tech. For Netherlands-based Vertigo Games, that next frontier is what they call “location-based virtual reality.” It’s essentially high-quality VR experiences where players aren’t tethered to a PC or even to the confines of [...]

  • GDC 2019: Google's Play For Gaming

    GDC 2019: Google's Play for Gaming Ubiquity, Rise of Ray Tracing, Store Wars

    The Game Developers Conference finished up Friday evening, wrapping one of the most exciting GDCs in recent memory with Google’s splashy entrance into AAA video gaming, the emergence of real-time ray tracing as a compelling technology for film, TV, and games, and the growing war between two global estore powerhouses: Valve’s Steam and the Epic [...]

More From Our Brands

Access exclusive content