A former English teacher, Jack Ma cofounded and chairs Alibaba Group, one of the world’s largest e-commerce businesses.
Ma on Sept. 18, 2018 announced he would resign as Alibaba’s executive chairman in a year and would be succeeded by CEO Daniel Zhang.
Alibaba’s revenue in the 12 months ending in March 2017 rose by 56% to $23 billion.
Its 2014 IPO in New York set a record as the world’s biggest public stock offering, raising $25 billion.
- Ma’s investments beyond Alibaba include stakes in Chinese entertainment industry firms Huayi Brothers and Beijing Enlight Media.
Jack Ma, founder and chairman of Alibaba Group, the company known as “the Amazon of China,” just is the richest man in mainland China.
As of last year Ma had a net worth of $31.1 billion, compared with $30.9 billion for Wang Jianlin, a commercial property developer, according to Forbes. Ma Huateng, chairman of Internet service provider Tencent, is now third at $29.7 billion, according to the magazine.
Ma has seen the value of his holdings jump as Alibaba shares have climbed 28 percent since the end of December. Shares hit a new all-time high at the end of April. Alibaba went public in September of 2014, setting a record as the biggest IPO in history.
Ma and Wang have in fact rotated the No. 1 spot for wealthiest Chinese. Wang has made his wealth mainly from real estate and the entertainment industry.