Business

China’s Richest Man Steps Down As Alibaba’s Chairman

Jack Ma, the Chinese billionaire who founded e-commerce giant Alibaba at a lakeside apartment in Hangzhou 20 years ago, officially stepped down as the company’s chairman on Tuesday.

His final day at the helm of Alibaba was celebrated on his 55th birthday with a fireworks display and various performances at a sports stadium filled with an estimated crowd of some 80,000 people.

In his farewell speech, Ma discussed issues ranging from macroeconomic challenges as well as how future technologies, such as 5G and data sharing, can have a fundamental impact on the business world. He also said stepping down doesn’t amount to retirement, as he will dedicate more time to philanthropy and non-profit work.

“There are a lot of wrong things and undesirable things in this world, and I think I can make an impact,” Ma said. “ Stepping down is not equal to retirement. I won’t stop. Alibaba is just one of my many dreams.”

Read the full story at Forbes.com