laid out plans for leaving Alibaba
Group Holding Ltd. on Monday, his 54th birthday. China’s richest man says he will focus much of his time -- and $40 billion fortune -- on education and philanthropy.
Ma will step down as executive chairman at the e-commerce giant in 12 months with Chief Executive Officer Daniel Zhang
succeeding him as chairman. Ma will then leave the board in 2020.
Here is a look at how Ma turned Alibaba into Asia’s most valuable firm:
*1999: Jack Ma
with 17 other people in Hangzhou, China, with $60,000
Jack Ma, center, at Alibaba.
com’s official launch ceremony in 1999 | Photo source: www.alibabagroup.com
Group raises $20 million from an investor group led by Japan’s SoftBank Group Corp.
Masayoshi Son with Ma in 2014 | Photo: Bloomberg
*2003: Ma creates Taobao, an EBay-like site where consumers barter with each other
Taobao’s website | Photo: Bloomberg
creates Alipay, the online payments system that grows to become China’s largest
Alipay | Photo: Bloomberg
takes over operations of Yahoo China
*2008: Taobao Mall (now known as Tmall) is created to allow merchants to sell to customers
*2010: The Alibaba
Partnership is established to ensure management control of the company
*2013: Jack Ma
steps down as CEO, remains as executive chairman
conducts world’s largest IPO, raising $25 billion when it lists in the U.S.
Jack Ma, center, rings a bell during the IPO ceremony in New York, Sept. 19, 2014 | Photo: Bloomberg
*2015: Current CEO Daniel Zhang
takes the helm at the company on May 10
*2018: Ma announces plans to step down as executive chairman of Alibaba
in 12 months with CEO Zhang succeeding him. Ma will remain on the board until Alibaba’s annual meeting of shareholders in 2020.
during a Bloomberg Television interview on Sept. 5, 2018 | Photo: Bloomberg