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Alibaba Chairman Jack Ma Steps Down From Chinese Internet Giant

10 September 2019

Ma steps down as executive chairman of China's largest company on his 55th birthday with a fortune estimated at $ 41.8 billion.

Taking over for him will be Daniel Zhang, already Alibaba's CEO since 2015.

Jack Ma has stepped down as chairman of Alibaba Group, the Chinese internet giant he co-founded 20 years ago.

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Alibaba marked Ma's departure with a nostalgic video in which the billionaire returned to the humble Hangzhou apartment from which he founded his company (below).

Last week, Alibaba announced investments of $2.7 billion in luxury goods retail platform Kaola and a music streaming firm in moves that partly demonstrated its flexibility in adopting new strategies.

On Monday, Ma paid a visit to his company's Binjiang Campus to say his goodbyes to old colleagues. He's celebrating his retirement with a big bash at an Olympic-sized stadium in the company's hometown of Hangzhou.

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Ma's retirement announcement raised eyebrows at the time, as it's unusual for top Chinese executives to step down at such an early age.

"I also want to return to education, which excites me with so much blessing because this is what I love to do", Ma wrote previous year. It has backed a number of Hollywood titles, including the two most recent "Mission: Impossible" films, "UglyDolls", and the Oscar-winning "Green Book", among others. He will stay on as a member of the Alibaba Partnership, a group of 36 people with the right to nominate a majority of the company's board of directors.

Alibaba's stock price has risen about 10% in the past year, and revenue in the last quarter was up 42% year-on-year to about $16 billion (RMB115 billion).

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Alibaba Chairman Jack Ma Steps Down From Chinese Internet Giant