Tearful Jack Ma bids Alibaba farewell with rock star show

Marco Green
September 10, 2019

During a four-hour celebration in an 80,000-capacity stadium, Alibaba's billionaire executive chairman delivered on his promise of a year ago to hand over to chief executive officer Daniel Zhang.

However, Ma will not cut all ties with the company he turned into a $462 billion e-commerce giant from its modest beginnings as a small start-up in his apartment in Hangzhou. The Alibaba Group is presently worth $460 billion.

Ma is stepping down on his 55th birthday and Alibaba's 20th. "I do believe the world is good, there are so many opportunities, and I love excitement so much, which is why I will retire early", Ma told guests and employees.

"Jack has been signaling for some time his interests in philanthropy, environment, women's empowerment, education and development", said Duncan Clark, the author of "Alibaba: The House That Jack Ma Built".

In some ways, the transition is symbolic, as Ma will not totally vanish from the scene.

He is set to remain a member of Alibaba's partnership, a corporate governing group of 38 individuals that is separate from the board of directors.

When it comes to entertainment, Alibaba's biggest footprints lie in Tao Piaopiao, one of China's top online film ticketing platforms; the streaming platform Youku Tudou; performance ticketing platform Damai; and its film production and investment arm, Alibaba Pictures, launched by Ma in 2014.

On Monday, Ma paid a visit to his company's Binjiang Campus to say his goodbyes to old colleagues.

Ma announced past year that he would be stepping down as Alibaba's chairman on September 10, 2019. Domestic businesses accounted for 66 per cent of its Dollars 16.7 billion in revenue in the quarter ending in June.

Other reports by Click Lancashire

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