jack ma biography summary

Jack Ma, the founder of Alibaba, is back in the public eye after a hiatus. Here's how the Alibaba and Ant Group founder got started and amassed a huge fortune.

• Jack Ma is the billionaire founder of Alibaba and Ant Group.
• Ma has experienced financial success and scrutiny from his many business ventures.
• He grew up poor and faced multiple job rejections but amassed billions. Here's a look at Ma's life.

Jack Ma, Alibaba and Ant Group founder, has been making moves during the last year after a lengthy hiatus. 

Ma, who disappeared from public view in 2020 and resurfaced in Thailand in January 2023, most recently made news when The New York Times reported in January of this year that he had been buying up Alibaba shares again.

Ma faced a crackdown from Chinese regulators in 2020 that resulted in an antitrust investigation, a suspended IPO, and Ma losing $12 billion of his fortune in just a few months. 

However, Ma quietly made moves throughout 2023, including a teaching gig at Tokyo College, investing in an agrotech startup, and incorporating a pre-packaged food company.

According to Bloomberg, his net worth is now estimated at $30.6 billion . In July 2023, China hit Ant Group with a nearly $1 billion fine, marking the end of its crackdown, The Wall Street Journal reported .

While Ma has had a challenging few years, adversity is nothing new to him. He grew up poor in communist China, failed his university entrance exam twice, and was rejected from dozens of jobs, including one at KFC, before finding success with his third internet company, Alibaba.

Here's how Ma got his start and made his fortune.

Jillian D'Onfro, Charles Clark, and Taylor Nicole Rogers contributed to an earlier version of this post.

The Chinese businessman is 59 years old.

Jack Ma — born Ma Yun — was born on September 10, 1964, in Hangzhou, southeastern China. He has an older brother and a younger sister, USA Today reported.

He doesn't come from money.

He and his siblings grew up at a time when communist China was increasingly isolated from the West, and his family didn't have much money when they were young, per 60 Minutes.

Ma was scrawny and often got into fights with classmates. "I was never afraid of opponents who were bigger than I," he recalls in "Alibaba," a book by Liu Shiying and Martha Avery.

As a kid, Ma liked collecting crickets and making them fight, and was able to distinguish the size and type of cricket just by the sound it made, according to USA Today.

When he became a teen, he offered travelers tours of his city in exchange for English lessons. That's how ended up with the nickname Jack, 60 Minutes reported.

It took Ma three tries to get into college.

After high school, he applied to go to college — but failed the entrance exam twice. He finally passed on the third try, going on to attend Hangzhou Teachers Institute. At the World Economic Forum in 2016, Ma revealed he has been rejected from Harvard — 10 times.

He graduated in 1988 and started applying to as many jobs as he could.

He received more than a dozen rejections — including from KFC — before being hired as an English teacher at a university . Ma was a natural with his students and loved his job — though he only made $12 a month at a local university.

Ma keeps his family life private, but he's been married for decades.

Ma married Zhang Ying, a teacher he met at school after they graduated in the late 1980s. They have two children — a daughter and a son, according to Bloomberg .

Ma got the idea to start an internet company during a trip to America.

Ma had no experience with computers or coding, but he was captivated by the internet when he used it for the first time during a trip to the US in 1995 . He had recently started a translation business and made the trip to help a Chinese firm recover a payment.

Ma's first online search was "beer," but he was surprised to find that no Chinese beers turned up in the results. It was then that he decided to found an internet company for China.

He founded Alibaba in 1999, and its success was nearly instant.

Though his first two ventures failed, four years later, he gathered 17 of his friends in his apartment and convinced them to invest in his vision for an online marketplace he called "Alibaba." The site allowed exporters to post product listings that customers could buy directly.

Soon, the service started to attract members from all over the world. By October 1999, the company had raised $5 million from Goldman Sachs and $20 million from SoftBank, a Japanese telecom company that also invests in technology companies.

The team remained close-knit and scrappy. "We will make it because we are young and we never, never give up," Ma said to a gathering of employees.

Ma was given the nickname "Crazy Jack" by reporters during his company's mid-2000s rivalry with eBay.

He was known for maintaining a sense of fun at Alibaba. In the early 2000s, when the company decided to start Taobao, its eBay competitor, he had his team do handstands during breaks to keep their energy levels up.

When the company first became profitable, Ma gave each employee a can of Silly String to go wild with.

Yahoo invested in Alibaba in 2005.

In 2005, Yahoo invested $1 billion in Alibaba in exchange for about a 40% stake in the company. This was huge for Alibaba — at the time it was trying to beat eBay in China — and it would eventually be an enormous win for Yahoo too, netting it $10 billion in Alibaba's IPO alone, TechCrunch reported.

Ma stepped down from his post as CEO in 2013.

Alibaba went public on the New York Stock Exchange on September 19, 2014.

The company's $150 billion IPO was the largest offering for a US-listed company in the history of the NYSE. It also made Ma the richest person in China, with an estimated worth of $25 billion at the time, Bloomberg reported.

"Today what we got is not money. What we got is the trust from the people," Ma told CNBC at the time.

Ma stayed on as chairman at Alibaba until 2019. That year it was reported he 

Ma owns stakes in Alibaba and a payment-processing service.

Alibaba reported in 2022 that Ma owned 3.7% of the company both directly and through holding companies, according to Bloomberg Billionaires Index.

Ma owns a 10% stake in payment-processing service Alipay, which rebranded to Ant Group in 2014, according the company's prospectus filing in 2020.

One of his greatest passions is the environment.

According to Fortune , Ma developed an interest in environmentalism when a member of his wife's family became sick with an illness that Ma suspected was caused by pollution.

He sat on the global board of The Nature Conservancy and spoke during a session of the Clinton Global Initiative in 2015. He was also, according to Fortune, instrumental in funding a 27,000-acre nature reserve in China.

The biggest day in the calendar for Alibaba is China's "Singles' Day" — a retaliation to Valentine's Day — which supposedly celebrates the country's singletons.

It's also known as the Global Shopping Festival in Alibaba reports, and it takes place on November 11. In 2021, the e-commerce giant reported nearly $85 million on Singles' Day. Taylor Swift performed at the company's Singles' Day event in 2019.

Ma appears humble despite his financial success.

Alibaba's success may have made Ma an extremely wealthy man, but he still has some pretty modest hobbies.

"I don't think he has changed much, he is still that old style," Xiao-Ping Chen, a friend of Ma, told USA Today . He likes reading and writing kung fu fiction, playing poker, meditating, and practicing​ tai chi.

Ma once told employees at a press conference in 2014 that he hoped they use their newfound wealth to become "a batch of genuinely noble people, a batch of people who are able to help others, and who are kind and happy."

Even though Ma has kept his humble hobbies, he has also splurged on a French chateau and a plane for Alibaba.

Ma bought a vineyard and a chateau in Bordeaux, France, in 2016, according to CNBC . And in March 2013, Alibaba spent a reported $49.7 million on a Gulfstream G550, mostly for Ma's use, according to China Daily .

In 2017, Ma made headlines after meeting President Donald Trump.

Despite Trump's protectionist attitude towards trade, Ma said China and the United States were not about to be drawn into a trade war.

"Give Trump some time. He's open-minded," Ma told a panel at the World Economic Forum in January 2017.

Ma is something of a celebrity in China.

Crowds of people show up to listen to him speak. The company also hosts annual talent shows, and Ma is a natural entertainer. At a company anniversary event, he dressed up as a punk rocker for a performance in front of 20,000 Alibaba employees, according to 60 Minutes .

In 2014, Ma told Bloomberg he knew Alibaba had made it big when another customer offered to pay his restaurant bill.

The customer, Ma said in the interview, had left Ma a note that read: "I'm your customer of Alibaba group, I made a lot of money and I know you don't make any money. I'll pay the bill for you.".

Ma stepped down as Alibaba's chairman on his 55th birthday and chose a former Alibaba CEO to replace him.

He left the position on September 10, 2019. The company threw him a farewell party in an 80,000-seat stadium in Hangzhou, and Ma performed with other Alibaba executives.

Ma picked Daniel Zhang, who was named the CEO of Alibaba in 2015, to replace him as chairman . According to CNN Business , Ma decided to pivot to full-time philanthropy.

When COVID-19 rocked the world, Ma sprung into action.

When the coronavirus pandemic brought the world to a halt in March 2020, Ma sourced and shipped N95 face masks and COVID-19 testing kits to over 100 countries dealing with shortages, including the US.

In May 2020, SoftBank announced that Ma would resign from the troubled investment fund's board of directors.

"Stepping down from SoftBank Group's Board, I believe, and he said to me actually, was something that he decided on his own," SoftBank CEO Masayoshi Son said during the firm's earnings announcement.

"That's sad, but we still keep in contact directly, and right before the COVID-19, we met face-to-face every month to have dinner, to talk about businesses, to talk about lives. And we will remain friends for the rest of our life, I believe."

In October 2020, Ma made headlines again in relation to Ant Group's highly anticipated IPO.

Ant Group was expected to raise $37 billion with a valuation reportedly surpassing $300 billion. But then, Ma publicly snubbed China's financial regulatory system, calling it "an old people's club."

Soon after, regulators introduced new online lending rules that directly impacted Ant's business.

Officials then said there were "major issues" with Ant's listing, and by November 2020, the IPO was suspended .

It was expected to serve as a "stamp of approval" for disruptors in the traditional banking sector before the new rules changed the IPO's trajectory.

Chinese regulators opened an antitrust investigation into Alibaba in December 2020, yet another crackdown on Ma's empire.

Regulators said they were launching an anti-monopoly investigation into Alibaba and held talks about stricter financial regulations with Ant Group.

As part of the investigation, China's State Administration for Market Regulation looked into the contracts Alibaba asked sellers to sign.

Amid the investigation, speculation began on whether Ma was missing in 2021.

In January 2021, Yahoo Finance reported that Ma hadn't been seen publicly in more than two months and had been replaced as a judge on the TV talent show he founded, which raised the question of whether Ma had gone missing.

Ma isn't the first Chinese businessman to disappear from the public eye under such circumstances.

Ma's absence mirrored similar situations where Chinese businessmen had disappeared after battling with regulators.

But multiple sources said that Ma was not missing — he was simply "laying low" amid the government scrutiny and new regulations.

Ma appeared to resurface in Thailand in January 2023.

A post shared by JAY FAI (เจ๊ไฝ)⭐️ (@jayfaibangkok)

Jay Fai restaurant in Bangkok, Thailand, posted a photo of Jack Ma on Instagram. The caption read: "Incredibly humble, we are honored to welcome you and your family to Jay Fai's."

His reappearance came as Ant Group said it was streamlining voting rights to prevent any one shareholder from having a controlling vote.

His net worth is now estimated at around $30 billion, making him China's seventh-richest person in 2023.

Once China's richest man, Ma's net worth has fallen by more than $20 billion since he disappeared from public view, according to the Bloomberg Billionaires Index .

In November, Forbes reported that Ma was the seventh richest man in China in 2023 behind businessman Robin Zeng.

In May of 2023, Ma accepted a teaching role at Tokyo College.

It's unclear if Ma is still teaching, but he was expected to conduct research on sustainable agriculture and food production. Tokyo College said that Ma would "share his rich experience and pioneering knowledge on entrepreneurship, corporate management and innovation" with students, according to the May announcement .

Ma began advising Alibaba in May, and held a meeting of company execs the same month.

In the meeting, Ma suggested cutting out managers at Taobao and Tmall to combat the "very severe" competition the e-commerce platforms face. Other tech giants, particularly those in Silicon Valley, have also gotten rid of middle managers.

China appeared to be nearing an end to its nearly three-year investigation into Ant Group in July.

China's crackdown on technology firms appeared to be coming to an end after regulators issued a $1 billion fine to Ant Group in July, according to WSJ.

One of Ma's latest business ventures is a China-based agrotech startup.

It appears that while Ma was out of the public eye, he was studying agrotech . As of July 2023, Hangzhou Dajingtou No. 22 Arts and Culture Co., one of Ma's investment-holdings companies, has a 10% stake in 1.8 Meters Marine Technology (Zhejiang) Co, an agrotech startup.

Ma incorporated a company called "Hangzhou Ma's Kitchen Food" in November.

Ma's latest company reportedly deals with the sales of pre-packaged food and processing and selling agricultural products . But, Ma hasn't shared much about his desire to move into agriculture.

"I found that a place that does well in agriculture is not necessarily a place with good resources, but a place with unique thinking and people with imagination," he said during a speech to teachers last August.

He added, "The rural areas do need technology, while I think unique thinking and creativity are important as well."

He began buying shares in Alibaba during the fourth quarter of 2023.

Alibaba's stock began to rally in January after Ma reversed his plans to sell his shares and invested more in the company instead.

Ma spent $50 million on Alibaba's Hong Kong-listed shares over the last few months of 2023, The Wall Street Journal reported . The tech giant's stock started slipping in November, prompting Ma to rethink his plan of investing in his other business ventures over Alibaba.

Ma's wife acquired three adjoining properties in Singapore for up to $37 million, Business Times reported.

In February, The Business Times reported that Zhang Ying, a Singaporean citizen, bought three properties known as shophouses in the Tanjong Pagar area of Singapore.

The three-story shophouses are reportedly situated on commercial-zoned sites, and this type of real estate is popular in Singapore, according to Bloomberg . The shophouses are said to be nearly done with refurbishments, and at least one story will be a restaurant.

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Jack Ma: The Journey of a Visionary Entrepreneur

Jack Ma, known as Ma Yun, is a name that resonates with entrepreneurial triumph and unwavering determination in the face of daunting challenges. His remarkable journey from a modest English teacher to the visionary founder of Alibaba, one of the globe’s premier e-commerce giants, serves as a testament to his extraordinary resilience and relentless pursuit of his dreams. Jack Ma’s life narrative transcends mere entrepreneurial success; it is a tale of transcending barriers and surmounting adversities that punctuated his path to greatness. His story resonates as an enduring source of inspiration, illustrating the power of determination and vision in the face of adversity.

Early Life and Education

Jack Ma’s early life was marked by numerous rejections and setbacks, which would ultimately shape the trajectory of his extraordinary journey. Born in Hangzhou, China, in 1964, he faced the kind of adversity that would have discouraged many. Academic struggles were a recurring theme during his formative years, culminating in the disheartening experience of failing his university entrance exams not once, but twice. Despite these early setbacks, Jack Ma’s resilience and unwavering spirit remained undiminished.

The turning point in Ma’s life came when he was finally admitted to Hangzhou Teacher’s Institute, an event that would set the stage for his future endeavors. It was during his time at the institute that his fascination with the English language took root, and he decided to become an English teacher. Little did he know that this seemingly modest career choice would play a pivotal role in his entrepreneurial journey.

As an English teacher, Jack Ma honed his communication skills and developed a knack for connecting with people. His ability to bridge cultural and language barriers would later prove to be a vital asset in the world of business. Ma’s experiences in the classroom not only sharpened his teaching skills but also planted the seeds of his future endeavors.

While teaching, Ma was introduced to the world of the internet during a trip to the United States in 1995. This encounter ignited his entrepreneurial spirit, and he recognized the untapped potential of e-commerce in China. Armed with a vision and a profound belief in the possibilities of the internet, Jack Ma embarked on a journey that would lead to the founding of Alibaba, an e-commerce platform that would revolutionize the way business was conducted in China and the world.

In retrospect, Jack Ma’s early life and educational struggles were not roadblocks but stepping stones in his path to success. His resilience in the face of academic challenges, combined with his fascination for the English language, laid the foundation for his future accomplishments. Ma’s journey from an English teacher to a pioneering entrepreneur is a testament to the power of perseverance, self-belief, and an unshakable vision. It serves as an enduring source of inspiration for individuals striving to overcome obstacles and seize opportunities on the path to greatness.

The Birth of Alibaba

In 1999, Jack Ma embarked on a revolutionary entrepreneurial journey that would transform the landscape of e-commerce in China and beyond. Armed with a visionary idea and a steadfast determination, Ma founded Alibaba in the confines of his apartment, along with a group of friends who shared his bold vision. At the time, the internet was still in its nascent stages, and the concept of a China-based business-to-business marketplace was pioneering.

The early days of Alibaba were marked by numerous challenges, both operational and skeptical. Many doubted the feasibility of Ma’s ambitious project, given the limited internet infrastructure in China at the time. However, Jack Ma’s unwavering belief in the transformative power of the internet propelled the company forward.

As Alibaba began its journey, Ma faced skepticism from potential investors and had to fund the company’s operations using his own savings. The company’s first iteration, Alibaba.com, aimed to connect Chinese manufacturers with international buyers. Despite initial skepticism and limited resources, Ma’s commitment to creating a platform that would revolutionize global trade remained steadfast.

One of the key factors that contributed to Alibaba’s rapid growth was Ma’s innate ability to understand and cater to the unique needs of the Chinese market. He recognized the importance of building trust in an era when online transactions were relatively new and untested. This led to the development of Alibaba’s iconic “TrustPass” system, which provided a level of security and credibility that was previously lacking in online business transactions.

The early 2000s presented Alibaba with a formidable challenge in the form of intense competition from eBay in China. Under Jack Ma’s visionary leadership, the company launched two game-changing initiatives to counter this competition.

First, Alibaba introduced Taobao, a consumer-to-consumer platform that aimed to disrupt eBay’s dominance in the Chinese e-commerce market. Taobao’s user-friendly interface and innovative features, such as its iconic “Wangwang” instant messaging service for buyers and sellers, quickly gained traction among Chinese consumers.

Second, Alibaba created Alipay, a groundbreaking online payment service that addressed the challenges of trust and security in online transactions. Alipay’s escrow system, which ensured that funds were only released to sellers once buyers were satisfied with their purchases, set a new standard for online payments in China.

These strategic initiatives, combined with Ma’s relentless determination, proved to be game-changers for Alibaba. eBay’s inability to adapt to the Chinese market’s unique dynamics ultimately led to its withdrawal from the Chinese market, marking a significant victory for Jack Ma and Alibaba.

Alibaba’s journey from a small apartment-based start-up to a global e-commerce powerhouse exemplifies the power of visionary leadership, adaptability, and an unwavering commitment to innovation. Jack Ma’s ability to navigate challenges, anticipate market trends, and respond with innovative solutions has left an indelible mark on the world of e-commerce and serves as an enduring source of inspiration for aspiring entrepreneurs worldwide.

Global Recognition and Expansion

Jack Ma’s vision and ambition knew no bounds; he recognized that the internet had the power to transcend geographical limitations and revolutionize global trade. Alibaba Group’s expansion beyond China’s borders was a testament to his far-reaching vision and determination to facilitate international commerce.

One of the key initiatives that underscored Alibaba’s global ambitions was the launch of AliExpress, a platform that allowed small and medium-sized Chinese businesses to sell their products to consumers worldwide. AliExpress became a bridge between Chinese manufacturers and consumers from diverse countries, enabling access to a wide array of products and creating opportunities for businesses in China to thrive on the global stage.

The pinnacle of Alibaba’s global recognition came in 2014 when the company conducted its Initial Public Offering (IPO) in the United States. The IPO was nothing short of historic, setting a world record as the largest public stock offering at that time. Alibaba raised a staggering $25 billion in capital through the IPO, catapulting the company’s valuation to an astonishing $231 billion. This extraordinary achievement not only solidified Alibaba’s position as a global e-commerce giant but also demonstrated the immense trust and confidence that investors and the financial community placed in Jack Ma’s vision.

Alibaba’s IPO served as a landmark moment in the history of global finance, signaling the rise of a Chinese tech giant with the potential to reshape the global e-commerce landscape. It also marked a significant milestone for Jack Ma, whose journey from an English teacher to the founder of a company valued at over $200 billion was an inspiration to entrepreneurs and aspiring business leaders worldwide.

Jack Ma’s relentless pursuit of global recognition and expansion was not just about financial success but also about bridging cultures and enabling cross-border trade on an unprecedented scale. His vision transformed Alibaba into a symbol of China’s technological prowess and entrepreneurial spirit on the world stage. The company’s global reach and impact continue to grow, driven by the same principles of innovation and customer-centricity that have been at the core of Jack Ma’s journey from a humble teacher to a global business icon.

Stepping Down and Legacy

Jack Ma’s decision to step down as the chairman of Alibaba Group in 2019 marked a poignant moment in his illustrious career. It was an unconventional move, particularly in a culture where entrepreneurs often hold leadership positions well into their later years, and where Alibaba had become one of the most prominent tech companies in the world under his stewardship.

Ma’s decision to retire from his role as chairman was rooted in his desire to pursue other passions and contribute to society in different ways. He expressed a strong interest in philanthropy and educational reform, signaling a shift in his focus towards giving back to the community and shaping the future of education in China and beyond.

This transition from a corporate leadership role to philanthropic and educational endeavors showcased Jack Ma’s multifaceted character. He had always been an advocate for entrepreneurship and had frequently spoken about the importance of nurturing and empowering the next generation of business leaders. His decision to step down allowed him to champion these causes more directly.

Jack Ma’s legacy transcends his role as a successful entrepreneur and business leader. It embodies the spirit of vision, resilience, and the relentless pursuit of innovation. His journey from a humble background to the founder of Alibaba, one of the world’s largest e-commerce companies, continues to inspire entrepreneurs and aspiring business leaders worldwide.

Moreover, Ma’s commitment to philanthropy and educational reform underscores his belief in the power of education to transform lives and his dedication to making a positive impact on society. His efforts in these areas, including the creation of the Jack Ma Foundation and the establishment of educational initiatives, further solidify his legacy as a leader who not only achieved great success in business but also sought to leverage that success for the betterment of society.

Jack Ma’s retirement from Alibaba marked a significant chapter in his life, allowing him to focus on philanthropy and education while leaving a lasting legacy of entrepreneurial spirit, innovation, and dedication to making a positive impact on the world. His story continues to inspire and motivate individuals to pursue their dreams and contribute to the betterment of society through innovation and philanthropy.

Innovation and Challenges

Jack Ma’s career has been characterized by his relentless pursuit of innovation and his ability to adapt to the ever-evolving landscape of technology and business. His innovative approach to leveraging the internet played a pivotal role in the establishment and growth of Alibaba, transforming it into a global e-commerce giant.

One of Jack Ma’s early innovations was recognizing the untapped potential of the internet in China. In a time when internet adoption was in its infancy, Ma saw an opportunity to create a platform that would connect businesses and consumers in a way that had never been done before. This vision led to the founding of Alibaba, which initially focused on providing a business-to-business marketplace for Chinese manufacturers and later expanded into consumer e-commerce.

Alibaba’s innovative strategies extended beyond its core e-commerce platform. The company ventured into various sectors, including finance with Alipay, cloud computing with Alibaba Cloud, and media and entertainment through acquisitions like Youku Tudou. These diversifications were strategic moves to position Alibaba as a comprehensive ecosystem that catered to a wide range of consumer and business needs.

However, Alibaba’s rapid expansion also brought with it regulatory challenges and scrutiny. As the company expanded into diverse sectors, it attracted attention from Chinese regulators concerned about issues such as antitrust practices, data privacy, and market dominance. Jack Ma’s ability to navigate these complexities while continuing to drive innovation within the company was a testament to his leadership and strategic acumen.

One of the notable challenges came when Ma’s proposed initial public offering (IPO) of Ant Group, an affiliate of Alibaba, faced regulatory hurdles. The IPO, which was expected to be one of the largest in history, was suspended by Chinese authorities. Ma’s ability to manage this setback and work with regulators to address concerns reflected his pragmatic and adaptable approach to challenges.

Jack Ma’s journey exemplifies the delicate balance between innovation and regulatory compliance in the rapidly evolving tech landscape. While innovation fueled Alibaba’s growth, regulatory scrutiny became an integral part of its journey. Ma’s leadership in navigating these complexities highlights his ability to adapt, collaborate, and find solutions in the face of challenges, which are essential qualities for a visionary entrepreneur operating on a global scale.

Jack Ma’s career has been marked by innovation, diversification, and the ability to navigate regulatory challenges in the dynamic world of technology and business. His visionary approach and adaptability have allowed Alibaba to remain at the forefront of e-commerce and technology, while his leadership in addressing regulatory concerns underscores the importance of compliance in a rapidly evolving digital landscape.

Personal Philosophy and Leadership Style

Jack Ma’s personal philosophy and distinctive leadership style have played a pivotal role in shaping the culture and success of Alibaba and his impact on the broader entrepreneurial landscape.

Central to his philosophy is the emphasis on embracing change and fostering innovation. Ma believes that in a rapidly evolving world, businesses must be agile and adaptable to survive and thrive. His own journey, from a modest background to founding one of the world’s largest e-commerce platforms, serves as a testament to the power of innovation and change.

One of Ma’s most notable and oft-quoted principles is his belief that “customers are first, employees are second, and shareholders are third.” This philosophy challenges the conventional prioritization of shareholders’ interests above all else and places a strong emphasis on delivering value to customers and creating a positive work environment for employees. While this approach has been considered unconventional and has sparked debates, it underscores Ma’s commitment to building a company that prioritizes long-term sustainability and customer satisfaction.

Jack Ma’s leadership style is characterized by his charismatic and inspirational demeanor. He possesses the ability to inspire and motivate those around him to think big, take risks, and challenge the status quo. His passion for entrepreneurship and belief in the potential of individuals to drive change have made him a revered figure in the global business community.

Despite his charismatic leadership, Ma also values humility and a willingness to learn from failures. He often shares his own experiences of setbacks and rejections, emphasizing that these moments of adversity have been instrumental in his personal growth and success. This openness about his own journey fosters a culture of resilience and learning within Alibaba and among aspiring entrepreneurs who look up to him.

In conclusion, Jack Ma’s personal philosophy and leadership style have been instrumental in shaping Alibaba’s success and influencing the broader entrepreneurial landscape. His emphasis on embracing change, fostering innovation, and prioritizing customers and employees over shareholders challenges conventional business norms. Ma’s charismatic leadership, combined with his humility and openness about failures, has made him a revered figure and a source of inspiration for individuals and businesses worldwide. His legacy extends beyond the realm of e-commerce, serving as a reminder that visionary leadership, coupled with a commitment to positive values, can lead to transformative change and enduring success.

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How Jack Ma went from English teacher to tech billionaire

Jack Ma, the rags-to-riches entrepreneur behind Chinese e-commerce giant, Alibaba, plans to hand over the reins at the company he co-founded nearly two-decades ago.

He said on Monday, his 54th birthday, that he will step down as executive chairman next year , ushering in a new era for the $420 billion company that has grown from a web page run out of Ma's apartment to a top global tech enterprise.

Alibaba's empire spans everything from cloud computing and digital banking to online messaging and movie production .

Ma, an outspoken advocate for globalization , will begin transitioning out of his role at a politically heated time. The United States and China are locked in an escalating trade war . Meanwhile, China's economy is showing signs of slowing .

Duncan Clark, author of "Alibaba: The House That Jack Ma Built," told CNN that he doubts Ma's retirement announcement was prompted by geopolitical headaches.

"He has long talked about his desire to go back to his roots as a teacher," Clark said. So his retirement should come as "no big surprise."

'Hollywood story'

Ma was born to a poor family in Hangzhou, in the eastern Chinese province of Zhejiang in 1964. He struggled in school, and he has said during interviews that he was rejected from Harvard 10 times and repeatedly rejected for jobs.

He failed his entrance exam twice before studying at the Hangzhou Teachers College. He graduated in 1988 and continued to teach English there for several years.

Ma described his ascent to one of China's most prominent tech tycoons as a "Hollywood story" during an interview with The New York Times in 2005.

He told the outlet that he traveled to California in 1995 to help collect a debt that an American businessman owed to a Chinese firm. But Ma said the man had a gun and held him captive in a Malibu mansion for two days. He escaped after promising the businessman he would become his partner in an internet venture.

Ma did not contact the man again, but he asked friends in Seattle about the internet, according to The Times. Invigorated by the technology, Ma returned to China, where the internet was still virtually unknown.

"The day we got connected to the web, I invited friends and TV people over to my house," he told The Times . "We waited three and a half hours and got half a page. We drank, watched TV and played cards, waiting. But I was so proud. I proved the internet existed."

Building Alibaba

He quit teaching and borrowed a couple thousand dollars to launch China Pages, one of the country's first commercial websites.

When that venture failed, he scraped together roughly $60,000 from friends and investors and co-founded Alibaba.com as a business-to-business marketplace in 1999. It attracted backing from giants like Goldman Sachs ( GS ) and SoftBank ( SFTBF ) .

The company survived the dot-com crash in 2000, and a couple of years later Alibaba started turning a profit .

Alibaba spawned Taobao.com, an eBay-like bartering marketplace, in 2003. It was a breakout success.

Yahoo, then a tech powerhouse, purchased a large stake in Alibaba in 2005 in a deal valued at $4 billion that also gave Alibaba control over Yahoo's operations in China.

Over the next decade, Alibaba amassed millions more customers and is credited with helping to change Chinese society by giving working-class people access to online commerce and creating a flood of new jobs.

Alibaba debuted on the New York Stock Exchange in September 2014 and raised a record $25 billion .

But its early days on the stock market were shaky as the company struggled to meet Wall Street's lofty expectations.

Ma gave his view in an interview CBS's 60 Minutes that year: "We believe customer number one, employee number two, shareholder number three. If they don't want to buy that, that's fine ... They can sell us."

60 Minutes anchor Lara Logan pointed out that in the United States, "the shareholder is usually first."

"Yeah, and I think they are wrong," he said. "The shareholder, good. I respect them. But they're the third. Because you've take care of the customer, take care of the employees, shareholder will be taken care of."

Ma later expressed regret about the IPO. "If I had another life, I would keep my company private," he said in a 2015 speech .

'Love them. Don't marry them.'

Like other Chinese tech giants that have emerged over the past two decades, Alibaba has had to navigate an economy over which China's ruling Communist Party looms large.

Ma told 60 Minutes that Alibaba works with Chinese authorities when it comes to issues of national security. But he said he still sought to keep the government at arm's length.

His policy was to "never, ever do business with government," he said. "Love them. Don't marry them."

In a 2014 article in The New Yorker , writer Jiayang Fan said that Ma and other self-made Chinese success stories were "becoming a problem for the Beijing government, which has historically chosen its heroes and compelled them to serve the needs of the Chinese Communist Party."

"The problem, of course, is that they also point to an increasing adoption by the Chinese of Western values," she wrote.

But Alibaba has played by Beijing's rules, allowing it to continue to grow strongly despite the Chinese government's tightening grip on the internet under President Xi Jinping. Ma has served as an advocate for the Communist Party, accompanying Xi on foreign visits and praising his policies.

Looking forward

Ma, who is worth around $40 billion, has remained the face of Alibaba. But he began gradually relinquishing control of the company years ago. He stepped down as CEO in 2013, retaining the role of executive chairman. Daniel Zhang is the current CEO.

But Clark, the biographer, said that he doesn't think Ma will ever fully sever ties with the company.

"Jack has such a following [and] moral standing at the company, it doesn't really matter what title he has," he said.

Ma holds a more than 6% stake in Alibaba, and the company's governance structure gives him and other partners firm control of the board.

He told Bloomberg TV earlier this week he wants to return to teaching someday. "This is something I think I can do much better than being CEO of Alibaba," he said.

Ma also said he wants to follow in the footsteps of Microsoft co-founder and fellow billionaire Bill Gates, who has pledged to give away at least half of his wealth during his lifetime.

He plans to focus on his Jack Ma Foundation , formed in 2014, a charity dedicated to improving education, the environment and public health.

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Who is Jack Ma? The story of Alibaba's founder

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By Doug Zanger, America's Editor

October 18, 2018 | 6 min read

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The natural inclination, when considering the upward arcs of Alibaba and Amazon, is to compare the men who founded them. In doing so, there unfolds a tale of two paths which converge and cross perceptually, yet diverge consistently.

Amazon’s Bezos graduated summa cum laude from Princeton with degrees in computer science and electrical engineering. And despite a few false starts early in his career, he had found success in finance before going on to create Amazon.

Jack Ma’s academic record isn’t quite as impressive. He explained at Davos three years ago how he “failed a key primary school test two times, failed the middle school test three times, failed the college entrance exam two times”. Even when he graduated, he was rejected for most of the jobs he applied for out of college. Most notably he was the only one of 24 applicants turned down by KFC in his hometown of Hangzhou.

And he applied 10 times to Harvard Business School, where tech titans Mark Zuckerberg and Bill Gates had studied, but was rejected on every occasion.

Despite all the failure and all the rejection he forged ahead, never giving up. Indeed his fighting spirit is a consistent thread throughout Ma’s career.

It’s obvious that he fought (and continues to fight) for the company he founded in 1999. He told a gathering of employees early on: “We will make it because we are young and we never, never give up.”

Ma’s public persona is as a fighter as well. A recent movie from Alibaba’s film studio division titled Gong Shou Dao features Ma as an action hero and pays tribute to martial arts – something he holds dear.

“He’s created a really good culture, but it’s not about him,” says Humphrey Ho, who is managing director of Chinese digital agency Hylink’s first international office in Los Angeles. “He fights for his people and his people are encouraged to fight as well, especially for vendors. I’ve always operated as a partner, vendor or client and Alibaba fights for us.”

While Amazon is relentless in its customercentric approach, for Alibaba it is “customers first, employees second and shareholders third” – or at least that’s what Ma told CNBC on the day of the company’s listing on the New York Stock Exchange in 2014. Putting shareholders third didn’t necessarily make him friends on Wall Street, but one of the differences between him and his Seattle counterparts lies in what a customer means.

To Ma, his customers include the small businesses that rely on Alibaba’s products, especially Taobao and Tmall. As he told a Stanford University graduate class: “Alibaba is not a company for consumers. We know that small businesses need customers. I knew that we didn’t have the right DNA to become a consumer company. Small businesses know more about the needs of their customers. We had to empower our power sellers and SMEs to support their customers. We hope small businesses can use technology to challenge the large enterprises.”

Internally, Ma’s ability to hire and keep people is part of an ethos that leans on Chinese proverbs, one being: “If you suspect people, don’t use suspicious people.” It’s a roundabout way of saying that the right people should be in the right jobs – and not necessarily the smartest person, which could explain the longer tenures of Alibaba employees.

“The first thing you notice is that people have been at Alibaba a long time,” notes Ho. “There’s usually a lot of turnover in the tech industry, but that’s not the case with Alibaba compared to other big tech conglomerates in China.”

Ma’s penchant is to make others the stars of the show but, oftentimes, the big stages call – and he never disappoints. From interviews with former US president Barack Obama to well-received appearances at the World Economic Forum in Davos, Ma shows a deft touch. “He’s a very good communicator and the staff he hires as a result are really good communicators,” says Ho.

“If you speak two languages you can communicate with at least the Western part of the English-speaking world and your executives there, and you can express ideas very similar to your Chinese executives, your Chinese leadership, your board, your shareholders back home. That puts him at a significant advantage over his competitors who are also trying to globalize.”

Alibaba’s annual shopping event Singles Day, which dwarfs the US Black Friday and Cyber Monday combined and raked in more than $25bn worth of sales last year, is another example of Ma’s positive fighting spirit. In the 24 hours of the yearly event, Ma is frequently seen cheering on the Alibaba team, including the developers that churn out promotions at a dizzying pace.

“If it is three in the morning, you appreciate your founder coming down to be with the team,” says Ho. “It’s inspirational and very cool.”

Another area where Ma fights is in philanthropy. Long an advocate for stewardship, especially around natural resources, he set up a philanthropic trust in 2014. Of particular interest is support for his hometown and education for children in China.

For example, late last year the Jack Ma Foundation gave a first-of-its-kind contribution to the First Affiliated Hospital of Zhejiang University (donations to public hospitals used to be outlawed) in Hangzhou, home of Alibaba Group’s headquarters.

Additionally, earlier this year Ma called on other leaders and entrepreneurs to help support his plan to provide solutions for China’s “left-behind children” – a reference to the growing number of young people left in rural communities while their parents go to urban centers to find work. It is estimated that 60 million children in China fit this category and Ma encouraged 80 entrepreneurs to help establish boarding schools to improve education standards.

“Many pupils have to climb mountains or take a boat to go to school,” Ma told the South China Morning Post (a news outlet owned by Alibaba). “In my opinion, these kids should not be commuting between home and school every day. They should go to a boarding school.”

It would be foolish to depict Alibaba as being a completely different beast to Amazon – they will both, after all, always strive to achieve greater market share. But in a sector where the maximization of profits and the pacification of shareholders is almost a given, it is striking that Ma may well be remembered as much for his philanthropic efforts and struggle for the greater good as he will for his staggering achievements in the world of e-commerce.

This feature first appeared in The Drum's May issue , which focused on Alibaba.

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How jack ma built one of the world's biggest companies, by duncan clark, 26 september 2016 - 08:03.

Natalie Behring, licensed under CC BY-SA 3.0  and adapted from the original .

How did Jack Ma overcome his humble origins to establish Alibaba, and what significance does his company have for the UK? We interviewed Duncan Clark, entrepreneur, tech investor and author of  a recent book on Jack Ma , to find out.

What is Alibaba and why is it such a dominant company in China today?

Alibaba  is one of China’s largest and most high-profile companies. Its stated mission is to ‘make it easy to do business anywhere’. Alibaba started out as one of the millions of small and medium-sized enterprises (SMEs) to emerge from its home province of Zhejiang. It was founded by Jack Ma, his wife and 16 others in a humble apartment in the provincial capital city of Hangzhou in 1999. But Alibaba didn’t stay an SME for long. Today, Alibaba is perhaps China’s most high-profile company, with a market capitalisation of over a quarter of a trillion dollars. The company’s initial public offering (IPO) on the New York Stock Exchange in 2014  raised $25 billion , more than any other in history.

Despite its size, Alibaba’s dominance is explained by its consistent focus on meeting the needs of small companies. Early to recognise the power of the internet, Alibaba’s initial business model was as a ‘business-to-business’ (B2B) e-commerce platform. It helped SMEs in Zhejiang and across China sell to other companies, including to export markets that these smaller, local companies had struggled previously to reach. From 2003, when it launched its  Taobao.com  shopping website, Alibaba helped these companies market their wares to individual consumers too. Today, over nine million merchants generate much of their revenues on Taobao.com. Alibaba’s  Tmall.com , where brands and large stores can sell to customers, has also become an important site for the company, opening up a market of middle-class consumers in the wake of the 2008/9 global financial crisis, when the country’s traditional export markets hit the skids.

Taobao is a place for small merchants or individuals to set up a virtual store front. It's free to do so. And Alibaba charges no commission on sales. But, of course, to promote your store, you will likely have to spend money on advertising. That's how Alibaba makes money.

Tmall is for brands or larger retailers. They pay a set-up fee and have to be of a certain scale. Alibaba charges a commission on sales, but helps them with promotion, for example the  Tmall 11.11 Singles' Day event .

Who is Jack Ma, the man behind Alibaba? How did he come to establish ‘the world’s largest retailer’?

Jack Ma is an unlikely corporate tech titan. He struggled in school, especially at maths, and lacked the connections or elite education that many assumed were essential for a successful business leader. But Jack is a gifted communicator. He honed his skills in that area through his parents’ love for a form of traditional performance art called  ping tan , in his childhood as a self-appointed tour guide, and at work through his experience as an English teacher. This, combined with his vision and irrepressible ambition, allowed him to form and lead a team that today has swelled to more than 40,000 employees.

What can the business world learn from Jack Ma? What makes him different or unique?

As I looked back over his career at Alibaba, including from the time in 1999 when I first met him in the small apartment in Hangzhou, where he had recently founded the company, I was struck by the remarkable consistency of his vision. Always ambitious, Jack has also demonstrated a stubbornness to succeed – never wavering in his faith in the internet and the private sector to transform the Chinese economy. He positioned his venture to benefit from both, more so than any other company. Now he is training his eyes on new areas of opportunity, from China’s inefficient financial services and media sectors, to the need for reform in areas from healthcare to environmental protection.

What significance does Alibaba have outside of China? What impact will the business have on other countries?

Alibaba is an icon for the power of entrepreneurship, at home and increasingly overseas. As the company extends its presence overseas, Alibaba is putting a more human face on the growth of a Chinese economy previously dominated by state-owned enterprises. As we witnessed at the recent G-20 summit in Hangzhou, China is keen to impress the world with its achievements and ambition. While state-run stagecraft has its role to play, it is private-sector entrepreneurs like Jack Ma who are best-placed to open the eyes of people outside China to the opportunities presented by the country’s rise.

How can the UK benefit from the growth and success of Alibaba?

Alibaba has set up offices in London and in other European offices to help established brands access China’s burgeoning consumer markets, via its websites like Tmall.com. Alibaba also presents opportunities to UK entrepreneurs. The company is actively investing in pioneering technology and enterprises that will give it an edge in China’s fiercely competitive markets, from financial technology to cloud-computing to entertainment, sports and healthcare.

How can UK talent help Alibaba, and other companies in China, grow internationally?

Perhaps the biggest challenge for Alibaba as it grows into new sectors at home and new markets overseas is human resources. The company has recently launched the  Alibaba Global Leadership Academy  to offer young international professionals 18 months of training at its headquarters in Hangzhou, before serving the company overseas. This is a great opportunity for young British graduates, who don’t need to be fluent in Chinese to apply.

Beyond recruitment, as China goes global, there will be growing demand from companies like Alibaba, Tencent, JD.com and others for professional services in areas such as finance, legal advice, strategy consulting, advertising, and public relations – sectors where UK companies excel. Mergers and acquisitions (M&A) is also a major opportunity. UK companies in areas such as deep technology, cloud-computing, financial technology and online media could find their ‘exits’ in China (i.e., the sale of their company to another company or through an IPO).

What is it about China’s current economic landscape that provides so many opportunities?

In two words: middle classes. Urbanisation and the dividends from decades of uninterrupted economic growth have created a huge middle-class consumer base numbering several hundred million people already – a number set to grow even further in the coming years. Yes, China’s economy is slowing, but this too creates new opportunities for companies to sell their products and services to an aspirational culture that increasingly values high quality over low prices.

Chinese consumers are becoming more interested in high-quality products, especially things like infant formula, milk or other imported foodstuffs where product safety concerns have tarnished local brands. As they have already acquired many items already at home (or even multiple homes), higher-end consumers are increasingly looking to spend money on non-tangible items like services or media and entertainment.

What advice can you give UK nationals hoping to set up business or make entrepreneurial connections with China?

Arriving fresh into China and trying to set up a business today is not the same proposition as it was two decades ago (when I set up my business). China is an increasingly sophisticated market, in which local players rival and even outperform global players in product quality and their understanding of local market demands. Being realistic about what you offer to China is the answer. So too is not underestimating your capability – perhaps to assist Chinese firms as they expand in the UK and in other markets where their lack of familiarity with local cultures and languages might be an opportunity for worldly UK executives.

How important is it for UK nationals to seek experience of China, learn the language, and form a China network?

Experience of China is of course always helpful, even if it is simply visiting the country to gain insights into the perspectives of counterparts there. Some UK political leaders have little or no experience of China. This is hard to understand. For those in business or cultural circles too, ignorance will be costly.

Duncan Clark is the author of  Alibaba: The House that Jack Ma built . He will be speaking on 27 September 2016 at the European Chamber of Commerce in Shanghai. Visit his  website  for more details of his speaking events.

If you're a UK citizen with experience of China, join the Generation UK: China Network – a British Council initiative that aims to deepen the relationships of UK students and professionals with China.

Find out more about  Generation UK – China .

You might also be interested in:

• Who says UK is China's junior partner in new golden era?
• Why China can be an exciting place for women
• A way into business in China: teach English

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Jack Ma profile – Alibaba's powerful but humble billionaire

The rumour this week spread like wildfire: could it be possible that Jack Ma, one of China's greatest success stories, was planning to leave the mainland for good?

On Tuesday Hong Kong's Economic Journal claimed that Alibaba founder Ma planned to move to Hong Kong next year on an investment immigration scheme. The news went viral on Chinese social media sites. Recent statistics show 47% of Chinese millionaires plan to leave, mainly to escape economic uncertainty and environmental decay, but Ma departing would be an extraordinary blow to China's self-image as an emerging global player – he is its greatest rags-to-riches hero, an inspiration to a generation of budding entrepreneurs.

Earlier this week, Ma quickly put the rumour to rest. Speaking to reporters in Hong Kong, he appeared physically precarious – Ma is razor-thin and standing about five feet tall – yet animated and forceful, with bulging forehead and expressive, restless hands. His speech was both patriotic and diplomatic, colloquial yet clearly well-planned. He explained that he had no plans to emigrate. "Hangzhou is where I was born, went to school and started my business," he said, speaking of his coastal Chinese hometown.

"I didn't know whether to laugh or cry" at the reports, he said later.

Yet he added that he harboured no prejudices towards Chinese citizens who moved abroad. "I like my friends [in Hong Kong], its climate, its food, and especially I like that it is part of China ," he added. On Friday the Alibaba Group, which launched as a "business-to-business marketplace for global trade" 15 years ago, opened on the New York stock exchange with the largest IPO in American history. Initially priced at $68 the shares started trading at $92.70 as investors jumped at the chance to profit from China's growing middle class.

The IPO has made Ma, 50, China's richest man – as of last month, he owns $21.9bn in assets, according to the Bloomberg Billionaires Index. Alibaba is China's dominant e-commerce company – between its two main online marketplaces, Taobao (like a Chinese eBay) and TMall (more like Amazon), the company controls 80% of the country's e-commerce and accounts for more than half of its parcel deliveries. Yet in recent months, Ma has pushed the company far beyond its core domain, placing it among the ranks of highly diversified conglomerates such as Google and GE. Alibaba's recent ventures include a travel booking company, a navigation app, a music-streaming service and a football team.

Although Ma said that he struck out on his own last year to pursue a philanthropic agenda – making China's "water clearer, skies bluer, and food more secure" – he is still clearly Alibaba's top decision-maker, with a 9% stake in the company .

Sanjay Varma, a former Alibaba vice-president who now works in Hong Kong, said he remembers having long, late-night conversations with Ma about his ambitions in 1999, soon after the company was founded. "He really wanted to empower the little guys, the small companies, the SMEs," he said. "Jack back then was humble, and today he's still very humble. What's changed is his power – he's obviously extremely rich, but in terms of his goals and his vision, those haven't changed a bit."

Ma was born two years before the start of China's cultural revolution in Hangzhou, a historical eastern city of 8.7 million people known for its scenic lakes. His grandfather, a Nationalist party official before the Communists came to power, was persecuted under Mao Zedong; his parents were performers of Ping Tan , a traditional form of theatre. Ma did poorly in maths as a student, but excelled in English; as a child he would guide foreigners through the city's main attractions to improve his speaking skills. Ma failed his college entrance exam twice, but did well enough on his third attempt to enrol in Hangzhou Normal University, where he studied English. He graduated in 1988, and taught English for years at the Hangzhou Institute of Electronic Engineering, earning $12 per month.

Ma first experienced the internet in 1995 on a short trip to Seattle – he has recalled searching for the word "beer" on Yahoo! – and quickly became obsessed. That year he launched his first internet venture, an online directory called China Pages, but he quit the following year after the government forced him into a joint-venture with a state-owned firm. In 1999 he started Alibaba in his Hangzhou flat, with 17 friends and $60,000 (£36,400) of funds. At the time e-commerce was unheard of in China. "I called myself a blind man riding on the back of blind tigers," he once said.

During an interview with a Washington University business professor last year , Ma used a dizzying array of visual symbols to describe his management philosophy, including fish in a pond and gold bars falling from the sky. "Because of [China's] rapid economic growth in the past 30 years, and the lack of religious beliefs in this country, our management follows a less consistent pattern [than the US]," he said. "We must take scraps from here and there, and nothing is our own." His own style, he said, combines precepts from Taoism, Buddhism, Confucianism, and Tai Chi.

Porter Erisman, a former Alibaba vice-president and director of Crocodile in the Yangtze, a documentary about his experience with the company, told the Guardian in April: "In China, just when the internet was getting started, there weren't many outlets for young people to express themselves. They couldn't do that in politics or even the arts, really. So the internet is where the first homegrown heroes of this new generation came from."

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Chinese Entrepreneur – Jack Ma – The Biography of a Self-Made Billionaire

Net Worth: $23.4 billion as of 2022

Jack Ma, originally Ma Yun, (born September 10, 1964, Hangzhou, Zhejiang province, China), a Chinese entrepreneur who was head of the Alibaba Group, which consists of several of China’s most popular Websites, including the business-to-business marketplace Alibaba.com and the shopping site Taobao.com.

jack Ma got intrigued by the English language as a little fellow, and during his teenage, he functioned as a guide for unfamiliar vacationers to Hangzhou. He bombed the placement test for the Hangzhou Teachers College twice. (His frail point was mathematics). He was conceded on the third attempt, in 1984, and he graduated with a four-year college education in English in 1988. From 1988 to 1993 he was teaching English at the Hangzhou Institute of Electronics and Engineering (presently Hangzhou Dianzi University). In 1994, he established his first organization, the Haibo Translation Agency, which gave English interpretation and understanding.

How Jack ma started Alibaba?

While traveling to the United States for the benefit of the Hangzhou regional government in 1995, Ma had his first experience with the Internet and saw the absence of Chinese Web destinations as an extraordinary business opportunity. On his return, he established China Pages, which made Web locales for Chinese organizations and was one of China’s first Internet organizations. He left the organization two years later on account of solid rivalry from the correspondence organization Hangzhou Telecom, which had established an adversary organization, the Chinese page.

From 1998 to 1999 jack Ma was top of an Internet organization in Beijing that was upheld by the Ministry of Foreign Trade and Economic Cooperation. He felt, in any case, that if he stayed with the administration, he would pass up the monetary open doors that the Internet was bringing. Ma convinced his group at the service to return to Hangzhou with him and found the Alibaba Group, which dispatched a Website that encouraged arrangements between independent ventures.

Jack Ma persuaded that the private company to-independent venture Internet market had a prominent potential for development than the business-to-customer Internet market had. Independent companies paid a participation expense to be ensured as reliable dealers on Alibaba, with a more noteworthy expense being charged to organizations that wished to offer to clients outside China. Development was quick; in 2005 Alibaba pulled in the consideration of the American Internet entry Yahoo!, which purchased a 40 per cent stake, and in 2007 Alibaba.com brought 1.7 billion dollars up in its first sale of stock (IPO) in Hong Kong.

In 2003 Ma created a new company, the customer-to-purchaser online commercial centre Taobao (Chinese: “looking for treasure”). At that point, the American organization eBay, as a team with the Chinese organization EachNet, had a piece of the overall industry of 80 per cent, yet Ma felt that eBay-EachNet’s approach of charging clients an exchange expense was a shortcoming. Taobao didn’t charge such an expense yet brought in cash from internet publicizing and the offer of extra administration to clients.

Ma’s instinct demonstrated right; by 2007 Taobao had a 67 per cent piece of the pie, and eBay yielded lion’s share responsibility for Chinese activities to the Chinese-language media organization TOM Group, which made the auxiliary TOM EachNet. In 2011 Ma reported that Taobao would part into three organizations: Taobao Marketplace, where people could purchase and sell merchandise; Taobao Mall, an internet shopping gateway; and a shopping-related web crawler. In September 2014 the Alibaba Group appeared an IPO on the New York Stock Exchange that raised $21.8 billion.

That IPO was the biggest ever in the United States and gave the organization a market estimation of $168 billion, the most elevated incentive in IPO history around than for any Internet organization. In September 2018 it was reported that Ma would step down as administrator of Alibaba the next year, however, he would stay on the board.

Alibaba Fires 10,000 employees

As per media reports, Alibaba has fired 10,000 employees. The step has been taken as a part of cost-cutting measures amid the slowing economy.

During the June 2022 quarter, the company fired more than 9,241 employees. The report from South China Morning Post stated that with the recent layoff, the company trimmed its overall headcount to around 245,700 employees.

However, in other news, the CEO of Alibaba, Daniel Zhang Yong said that the company plans to add around 6,000 fresh university graduates to its headcount by later this year (2022).

Jack Ma Achievements

Jack Ma has received many awards and has been appreciated a lot throughout his life. He was mentioned in the “Top 10 Economic Personalities of the Year” list by China Central Television in 2004. He was also featured in the “25 most powerful Business People in Asia” list in 2005. Another significant achievement added to his list when “Business Week” magazine named him “Businessperson of the year” in 2007.

The list does not end here. 2009 was one of the special years for him as Jack Ma successfully secured a spot in “World’s 100 most influential People” in Time Magazine. He is named as the 30 th most powerful person in the world in the year 2014.

The “Entrepreneur of the year” award in 2015 in the “Asian Awards” ceremony was honoured to him. At the international level when UN Secretary-General Antonio Guterres appointed him as a new advocate alongside 16 other influential global leaders to promote sustainable development growth.

Jack Ma was recently honoured with the “Malcolm S. Forbes Lifetime Achievement Award” at Forbes Global Conference.

These rewards and achievements suggest that Jack Ma is one of the most significant influential figures in the world. He is one of the great entrepreneurs in today’s world. Even though he stepped down from one of the largest e-commerce businesses but he continues to influence others through his extraordinary works.

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Jack Ma Biography: Birth, Childhood, Education, Philanthropy, Business and Entertainment Career

Jack ma biography: jack ma is a chinese businessman. investor and politician. after serving for around 13 years, jack ma has stepped down from softbank group’s board of directors. in september 2019, he was retired as alibaba 's executive chairman. .

Jack Ma (age 55 years) is a Chinese businessman. investor and politician. Jack Ma, the co-founder of Alibaba was retired as its Executive Chairman in September 2019. After serving for around 13 years, Jack Ma has stepped down from Softbank Group’s board of directors. Alibaba is the multinational technology conglomerate. 

Jack Ma or Ma Yun is one of the world's most powerful people and is the global brand ambassador for Chinese business. With a net worth of $42.1 Billion, Jack Ma is the second wealthiest person in China, as of April 2020. 

Jack Ma: Childhood and Education

Jack Ma was born on September 10, 1964, as Ma Yun in Hangzhou, Zhejiang, China. Jack Ma started studying English at a very young age. At the age of 9 years, Jack Ma travelled 27 kilometres on his bicycle to guide tourists so that he can practise English. Jack Ma further became pen pals with a foreigner who nicknamed him Jack as the Chinese name was hard for him to pronounce.    

Jack Ma: Business Career

Jack Ma applied for 30 different jobs but faced rejection. He went for a job with the police and was told that he is not good. He went to KFC with 24 other people, everyone was selected except him. 

In 1994, Jack Ma heard about the Internet and started his own company 'Hangzhou Haibo Translation Agency'.

In the year 1995, Jack Ma along with his friends visited the United States. In the US, he found information related to beer from several countries except for China. He was surprised to find no general information about China on the Internet. Thus, Jack Ma along with his friends created a website 'ugly' related to China and launched it at 9:40 AM. By 12:30, Jack started receiving e-mails from several investors. 

In April 1995, Jack Ma started his second company with He Yibing named 'China Pages'. On May 10, 1995, Jack Ma and He Yibing registered the domain of the China Pages in the US 'chinapages.com'. Within 3 years, the company's worth was 800,000 USD. 

After the success of China Pages, Jack Ma started building websites for different Chinese companies. However, in 2010, Jack Ma revealed that he never wrote a code nor made any sale to the customers. 

During 1998-1999, Ma was the head of an IT company established by the China International Electronic Commerce Center,  Ministry of Foreign Trade and Economic Cooperation. In 1999, Jack Ma resigned and founded 'Alibaba' with his 18 friends. 

In October 1999 and in January 2000, Alibaba won a total $25 million foreign investment twice. To improve the global e-commerce system, Jack Ma founded  Taobao Marketplace, Alipay, Ali Mama and Lynx. After its huge success, eBay offered to purchase Taobao but Ma turned down the offer. Yahoo co-founder Jerry Yang invested $1 billion in Taobao. 

In September 2014, Alibaba was rising on the New York Stock Exchange over $25 billion in IPO and became one of the most valuable technology companies in the world. This was the largest initial public offering in US history. Jack Ma served as executive chairman of Alibaba Group, which holds-- Alibaba.com, Taobao Marketplace, Tmall, eTao, Alibaba Cloud Computing, Juhuasuan, 1688.com, AliExpress.com, and Alipay.

In November 2012, Alibaba's online transaction exceeded one trillion yuan. In 2015, Jack Ma founded a business school 'Hupan School'.  

On January 9, 2017, Jack Ma met US President Donald Trump and discussed 1 million job openings in the coming five years in favour of Alibaba. 

Jack Ma: Entertainment career

Jack ma: philanthropy.

Jack Ma founded a philanthropic organization 'Jack Ma Foundation' which focused on improving education, environment and public health.

In 2008, Alibaba donated $808,000 after the Sichuan earthquake caused destruction. In 2009, Jack Ma was appointed as the trustee of The Nature Conservancy's China program, and in 2010, became one of the Directors of the organization. 

In 2015, Alibaba Hong Kong Young Entrepreneurs Foundation was launched to support the entrepreneurs of Hong Kong to help grow their business. The same year, Alibaba funded for the construction of the houses damaged by the earthquake in Nepal. 

In 2018, Jack Ma started the  Jack Ma Foundation and announced his retirement from Alibaba citing several reasons-- educational work, philanthropy, and environmental causes.

In 2019, Forbes awarded him the 'Malcolm S. Forbes Lifetime Achievement Award' for his help to the underprivileged communities-- China, Africa, Australia, and the Middle East. He was also listed as 'Asia's 2019 Heroes of Philanthropy'.

In 2020, Alibaba Foundation and Jack Ma Foundation launched several initiatives to ease the distress caused by the coronavirus pandemic. Both the foundation donated medical supplies to several countries-- the United States and in the countries in Asia, Africa and Europe.

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