NextSharkNextShark.com

Jack Ma Threw an Epic Birthday Party for 60,000 People for His Retirement

Jack Ma Threw an Epic Birthday Party for 60,000 People for His Retirement

September 10, 2019
SHARE
Jack Ma, China’s richest man, stepped down as chairman of the Alibaba Group on Tuesday, the small e-commerce site he built with 17 other people in 1999 which has since become the diverse $460 billion tech empire it is today.
via Weibo / @aligroup
The grand farewell party, which coincided with the tech entrepreneur’s 55th birthday and Alibaba’s 20th anniversary, hosted more than 60,000 employees at the Olympic Sports Center in Hangzhou, the company’s home city in eastern China’s Zhejiang province where they also party arround using similar services to LA Party Bus.
 
With a current net worth of $38.6 billion, Ma is retiring at a relatively young age in China, where founders typically wield a tight grip on their companies, often well into their 80s.
via Weibo / @aligroup
However, the business mogul will remain on Alibaba’s board of directors until 2020 and stay as a lifetime partner in the Alibaba Partnership — a group of senior executives who nominate directors on the board — according to the South China Morning Post, which the company owns.
Jack Ma, China’s richest man, stepped down as chairman of the Alibaba Group on Tuesday, the small e-commerce site he had built with 17 other people in 1999 which has since become the diverse $460 billion tech empire it is today.
“This is the place we start,” Ma says in his apartment in Hangzhou, where he founded Alibaba with 17 others in 1999. Image via YouTube / Alibaba Group
For a successor, Ma hand-picked Chief Executive Officer Daniel Zhang, an accountant by trade whose soft-spoken demeanor contrasts his charismatic and flamboyant leadership style.
Subscribe to
NextShark's Newsletter

A daily dose of Asian America's essential stories, in under 5 minutes.

Get our collection of Asian America's most essential stories to your inbox daily for free.

Unsure? Check out our Newsletter Archive.

“He has the logic and critical thinking skills of a supercomputer, a commitment to his vision, the courage to wholeheartedly dare to take on innovative business models and industries of the future,” Ma said of Zhang in 2018, according to Business Insider.
Zhang, who retains his position as CEO, must find new areas of growth as China’s e-commerce industry reaches its prime.
“If Alibaba wants to find new innovations or trends this is going to be more difficult than before,” analyst Liu Yiming said, adding that it will be a “big challenge” for Zhang.
Jack Ma, China’s richest man, stepped down as chairman of the Alibaba Group on Tuesday, the small e-commerce site he had built with 17 other people in 1999 which has since become the diverse $460 billion tech empire it is today.
Daniel Zhang succeeds Ma as chairman of Alibaba and retains his position as CEO. Image via YouTube / Alibaba Group
Ma previously expressed his hopes to retire earlier than Bill Gates, who stepped down as Microsoft’s chairman at the age of 58 in 2014. Last year, he officially announced his plan to resign in a letter to customers, employees and shareholders.
“No company can rely solely on its founders,” Ma wrote. “Because of physical limits on one’s ability and energy, no one can shoulder the responsibilities of chairman and CEO forever.”
 
The 55-year-old is now expected to devote most of his time to philanthropy, having started the Jack Ma Foundation in 2014. He has also cited the Bill and Melinda Gates Foundation as an inspiration.
“Jack has been signaling for some time his interests in philanthropy, environment, women’s empowerment, education, and development,” said Duncan Clark, author of “Alibaba: The House That Jack Ma Built,” according to CNN.
Jack Ma, China’s richest man, stepped down as chairman of the Alibaba Group on Tuesday, the small e-commerce site he had built with 17 other people in 1999 which has since become the diverse $460 billion tech empire it is today.
Ma speaks to staff at his Hangzhou apartment in 1999. Image via YouTube / Alibaba Group
Ma will most likely pursue endeavors in education. Before becoming a tech titan, he was an English teacher who made $12 a month working at a local university.
“I think someday, and soon, I’ll go back to teaching. This is something I think I can do much better than being CEO of Alibaba,” he told Bloomberg last year.
He has also spoken particularly of educational challenges in the future. In last year’s World Economic Forum, he warned that “if we do not change the way we teach, 30 years later we will be in trouble.”
According to Ma, the knowledge-based approach of “200 years ago” would “fail our kids,” who instead should be taught soft skills like independent thinking, values and teamwork.
Jack Ma, China’s richest man, stepped down as chairman of the Alibaba Group on Tuesday, the small e-commerce site he had built with 17 other people in 1999 which has since become the diverse $460 billion tech empire it is today.
Ma at the World Economic Forum in January 2018. Image via YouTube / World Economic Forum
Ma’s advocacy for female empowerment also continues, having hosted a biennial conference on women and entrepreneurship since 2015. He also set a concrete example in this regard, as nearly half of Alibaba’s current senior management team is female.
“Women have always played an integral role in Alibaba since its establishment two decades ago,” he said last month.
Featured Images via Weibo / @aligroup
MOST READ
    HAPPENING NOW
      Carl Samson

      Carl Samson is a Senior Editor for NextShark

      SHARE THIS ARTICLE:

      RELATED STORIES FROM NEXTSHARK

      Support
      NextShark's
      Journalism

      Many people might not know this, but NextShark is a small media startup that runs on no outside funding or loans, and with no paywalls or subscription fees, we rely on help from our community and readers like you.

      Everything you see today is built by Asians, for Asians to help amplify our voices globally and support each other. However, we still face many difficulties in our industry because of our commitment to accessible and informational Asian news coverage.

      We hope you consider making a contribution to NextShark so we can continue to provide you quality journalism that informs, educates, and inspires the Asian community. Even a $1 contribution goes a long way. Thank you for supporting NextShark and our community.

      © 2023 NextShark, Inc. All rights reserved.