Jack Ma retires from Alibaba (NYSE:BABA) news is spreading as the Executive Chairman steps down from the role.
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Here’s what to know about Jack Ma leaving Alibaba.
- Jack Ma is retiring on his 55th birthday, which is today.
- This is also Teacher’s Day in China, which lines up with Ma previously being a teacher.
- To add to this even more, it is also a celebration of Alibaba’s 20th anniversary.
- Leaving the position of Executive Chairman behind will have him focusing on the Jack Ma Foundation.
- This is a charity that was set up by Ma back in 2014.
- According to Ma, he took inspiration from the Bill and Melinda Gates Foundation when creating this charity.
- He also has previously said he wanted to retire younger than Bill Gates, who retired from Microsoft (NASDAQ:MSFT) at the age of 58.
- Even though he is no longer the Executive Chairman of Alibaba, Jack Ma will still have influence over the company.
- This is partially due to him being a member of the Alibaba Partnership, which is a group of people that determine Board members for BABA.
- To add to this, he still has more than a 6% stake in BABA stock.
- Ma will also still own the parent company of Aliplay, which is used extensively by Alibaba.
- While Jack Ma retires from Alibaba, current CEO Daniel Zhang will be taking over the Executive Chairman position.
BABA stock was down 2% as of Tuesday afternoon.
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As of this writing, William White did not hold a position in any of the aforementioned securities.