{"id":45705,"date":"2018-09-08T02:43:01","date_gmt":"2018-09-08T02:43:01","guid":{"rendered":"https:\/\/appleinsider.com\/articles\/18\/09\/07\/alibabas-jack-ma-to-retire-on-monday-focus-on-philanthropy"},"modified":"2018-09-08T02:43:01","modified_gmt":"2018-09-08T02:43:01","slug":"alibabas-jack-ma-to-retire-on-monday-focus-on-philanthropy","status":"publish","type":"post","link":"https:\/\/sickgaming.net\/blog\/2018\/09\/08\/alibabas-jack-ma-to-retire-on-monday-focus-on-philanthropy\/","title":{"rendered":"Alibaba&#8217;s Jack Ma to retire on Monday, focus on philanthropy"},"content":{"rendered":"<p><!-- font size selector, BEGIN --> <span class=\"cfix\">\u00a0<\/span> <\/p>\n<p class=\"gray small byline\"> By <a href=\"mailto:news@appleinsider.com\">AppleInsider Staff <\/a> <br \/><span class=\"gray\">Friday, September 07, 2018, 07:43 pm PT (10:43 pm ET)<\/span> <\/p>\n<p> <span><span class=\"article-leader\">Alibaba co-founder Jack Ma will retire from the company he cofounded on Monday, telling media outlets he plans ply his more than $40 billion fortune on philanthropic efforts in education. <br \/><\/span><\/p>\n<div align=\"center\">\n<div class=\"article-img\"><img decoding=\"async\" src=\"http:\/\/www.sickgaming.net\/blog\/wp-content\/uploads\/2018\/09\/alibabas-jack-ma-to-retire-on-monday-focus-on-philanthropy.jpg\" alt=\"Jack Ma\" height=\"408\" class=\"lazy\" \/><img decoding=\"async\" src=\"http:\/\/www.sickgaming.net\/blog\/wp-content\/uploads\/2018\/09\/alibabas-jack-ma-to-retire-on-monday-focus-on-philanthropy-1.jpg\" \/><\/div>\n<p><span class=\"minor2 small gray\">EPA photo<\/span><\/div>\n<p>Ma informed <em>The New York Times<\/em> of the <a href=\"https:\/\/www.nytimes.com\/2018\/09\/07\/technology\/alibaba-jack-ma-retiring.html\">surprise move on Friday<\/a>, saying he will step down as Alibaba&#8217;s executive chairman effective Monday, when he turns 54. China&#8217;s richest man will stay on the company&#8217;s board of directors and intends to mentor upcoming management, the report said. <\/p>\n<p>Ma founded Alibaba alongside 17 other people in 1999. Initially developed as a business-to-business e-commerce solution, Alibaba found its stride when it launched the consumer centric Taobao marketplace in 2003. <\/p>\n<p>A behemoth in the Chinese internet shopping space, the company launched complementary services in online payments product Alipay, which was spun out to as subsidiary Ant Financial. <\/p>\n<p>Apple was at one point rumored to <a href=\"https:\/\/appleinsider.com\/articles\/14\/11\/17\/alipay-agreement-could-give-apple-pay-easier-path-past-chinese-regulators\">partner with Alibaba through Ant<\/a> in a bid to bring Apple Pay to the Chinese market. Those plans failed to materialize and Alibaba instead integrated with rival payments service <a href=\"https:\/\/appleinsider.com\/articles\/16\/05\/19\/samsung-pay-to-take-on-apple-pay-in-china-thanks-to-alibaba-partnership\">Samsung Pay in 2016<\/a>.<\/p>\n<p>Beyond e-commerce and digital payments, Alibaba has its fingers in online banking, cloud computing digital media and entertainment, and other internet-based products and services.<\/p>\n<p>Ma&#8217;s departure comes as a surprise to many, as Chinese tycoons rarely retire at such an early age. The move is unlikely to leave the $420 billion company in dire straits, as a number of co-founders and well-seasoned managers are ready to take the reins.<\/p>\n<p><\/span> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 By AppleInsider Staff Friday, September 07, 2018, 07:43 pm PT (10:43 pm ET) Alibaba co-founder Jack Ma will retire from the company he cofounded on Monday, telling media outlets he plans ply his more than $40 billion fortune on philanthropic efforts in education. EPA photo Ma informed The New York Times of the surprise [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":45706,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"class_list":["post-45705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apple-insider"],"_links":{"self":[{"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/posts\/45705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/comments?post=45705"}],"version-history":[{"count":0,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/posts\/45705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/media\/45706"}],"wp:attachment":[{"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/media?parent=45705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/categories?post=45705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sickgaming.net\/blog\/wp-json\/wp\/v2\/tags?post=45705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}