Jack Ma, or Ma Yun, is a Chinese
business magnate, investor and politician. He is the co-founder and former
executive chairman of Alibaba Group, a popular multinational technology conglomerate.
Ma is a strong proponent of an open and market-driven economy....
Most people around the world have heard about
Alibaba, China’s e-commerce tycoon steps
down. Jack Ma, chairman of Chinese e-commerce giant Alibaba, calls it a day
from his role on 55th birthday. He is also member of ruling Communist
Party. He created $41.8 billion fortune during his 20-year rein at the company
he founded. On being asked, he said – Before I am 70-years old, I can do
something in other fields, in areas like education.
Jack Ma stepped down as Alibaba's chairman,
handing the role over to the company's current CEO, Daniel Zhang. The
transition was announced a year ago. As its CEO and now its chairman,
Zhang has taken Alibaba's reins as it copes with a slowdown in China's
e-commerce market after a decade of explosive growth
Ma will continue serving on Alibaba’s board until
its annual general shareholders’ meeting next year. He also remains a lifetime
partner of Alibaba Partnership, a group drawn from the senior management ranks
of Alibaba Group companies and affiliates that has the right to
nominate (and in some situations, appoint) up to simple majority of its board.
Ma said in last year’s announcement that he plans
for his departure from Alibaba Group to be very gradual: “The one thing I can
promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will
forever belong to Alibaba.”
Ma left Alibaba’s CEO position in 2013 and was
succeeded first by Jonathan Lu. In 2015 Lu was replaced by Zhang, the company’s
former COO. As its CEO and now its chairman, Zhang has taken Alibaba’s reins as
it copes with a slowdown in China’s e-commerce market after a decade
of explosive growth. The online retail landscape also now includes new
players like Pinduoduo, which have gained an advantage by focusing on smaller
cities, which are important growth markets for internet companies.
One interesting fact about the day Ma chose for his
retirement as chairman is that it is Teachers’ Day in China. Ma is a former
English teacher who is still nicknamed “Teacher Ma” and has said that he plans
to devote time to education philanthropy.
A former English teacher earning $15 a month was
rejected for almost every job including KFC where now he holds a stake. His
company which had 18 people, now employs over 1 lakh staff. In 2014, Alibaba’s IPO
was the world’s biggest at $25 billion.
In 2016, he emerged as Asia’s richest man but has
now has been overtaken by RIL chairman Mukesh Ambani. Since taking over as
executive chairman in 2013, Alibaba’s revenue has surged about 1,100 per cent
to $56.2 billion in the year ended March 2019.
Alibaba, a $460 billion behemoth, is one of the
world’s biggest e-commerce companies with a search engine and a bank. This does
not include shares in the company held by his foundation, or value of stock he’s
sold.The breakup of Jack Ma’s 5.3% holdings in Alibaba – Alibaba group holdings
$24.1 billion, Zhejiang Ant Small & Micro Services $13.2 billion, cash and
other amount $3.1 billion, Huayi Brothers Media Corp $66.1 million. Hon Kong
Penthouse $36 million.
MyPost
The joy of helping:
There is no greater joy than the joy of knowing one can make a difference.
Giving is a privilege. It's one of the greatest contributors to personal
happiness. It gives life a purpose and help build good karma, making you feel
empowered. It not only makes you feel happy, it also has a healing effect.
Your helping hand may have touched
someone knowingly or unknowingly. Knowing or even meeting whom you have helped,
and seeing them improve their and their family's life is a satisfying
experience. The acknowledgement and smile on their faces have a true healing
effect.
Help the less privileged in a small way,
like supporting education of children from poor family background. A small
effort can bring about a big change. Empowering others to live their small
dreams and aspirations is inspiring. You don't have to have lots of money to
give. In fact you don't have to give money at all. You can give what you can,
your time, kind or inspiring words or even guide them. And that means every one
can make a difference.
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Picture Post
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| Shiv ling, Amarnath, India |
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