Jack Ma has given up on the reins of Alibaba Group Holding Ltd. After presiding over one of the most spectacular creations of wealth the world has ever seen.
The former English teacher resigned as the executive chairman of China’s largest company on his 55th birthday after amassing a $41.8 billion fortune- a trove surpassed only by India’s Mukesh Ambani in Asia, according to the Bloomberg Billionaires Index.
His record-breaking rise from a bootstrapped entrepreneur working out of his apartment in 1999 to jet-setting e-commerce mogul is one for the history books, mirroring China’s own evolution from technological backwater to world’s No 2 economy.
Ma and his co-founders built a business-to-business marketplace over two decades into a $460 billion titan that bested EBay Inc. and Amazon.com Inc. which operates one of the world’s largest cloud computing businesses and runs a logistics network that delivers millions of parcels every day.
On Tuesday, Ma hands the helm to finance maven Daniel Zhang- a momentous transition for Asia’s largest corporation.