Jack Ma steps down as Alibaba chief

In a recent rock concert that was held on Jack Ma’s 55^th birthday, the co-founder of the e-commerce giant announced that he will be stepping down as the company’s chief. Donning a rockstar wig and looking the part, the Chinese business tycoon bid adieu to his position in order to take on philanthropic endeavors whilst staying on the company’s board of directors. David Zhang is said to have replaced him

"After tonight I will start a new life. 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." said Jack at the event that was held on Tuesday. Ma, a brilliant Chinese businessman, co-founded the multi-billion dollar company in 1999. He has been featured on Forbes’ World’s Most Powerful list, as well as, Fortune’s Worlds 50 Greatest Leader’s list.  With a net worth of $35.6 billion, he is one of the richest people in the world.

The self-made man had risen to his riches from virtually nothing but a lot of struggle. Now, he has a company which is worth $460 billion and dealing with everything from e-commerce to cloud computing. The philanthropist now plans on taking on endeavors to improve education in order to help youngsters.