Alibaba co-founder Jack Ma to retire for philanthropy

Last Updated: Sat, Sep 08, 2018 14:11 hrs
Founder and Executive Chairman of Alibaba Group Jack Ma

Beijing: Chinese billionaire, co-founder of Alibaba Jack Ma is planning to step down from his role to pursue philanthropy in education.

According to The New York Times, Ma will retire from his role on Monday when he turns 54. The date, September 10, is commemorated as Teacher's Day in China. Ma will remain on Alibaba's board of directors and continue to mentor the management.

Ma, a former English teacher, started the biggest e-commerce giant in China in 1999. He turned it into one of the world's biggest e-commerce and digital payments companies, fueling his own net worth to over USD 40 billion and becoming China's richest man.