This is a Chinese name; the surname is Ma. Jack Ma may be a Chinese business tycoon, investor, and philanthropic. He is the co-founder and ministerial chairman of the Alibaba Group, an international technology conglomerate. As of August 2018, he is one in all China’s richest men with a net worth of US$38.6 billion, as well as one of the wealthy person in the world. The primary ideology of Ma was for an open and market-driven economy.
A distinguished business figure, Jack Ma is seen as a world ambassador for Chinese business and as such is frequently listed as one of the world’s most powerful people by Forbes. Additionally, he also serves as a role model for startup businesses. In 2017, he was stratified 2nd in the annual “World’s fifty Greatest Leaders” list by Fortune. On 10th September 2018, he declared that he will retire from Alibaba and pursue educational charity work, effective in one year with Daniel Zhang succeeding him as executive chairman.
Ma resigned from the position of the chief executive officer (CEO) of Alibaba group and reportedly decided to eventually resign as chairman to focus on philanthropy.
Early life and education:
Jack Ma was born on 15th October 1964 in Hangzhou, Zhejiang, China. He began learning English at a young age by conversing with English-speakers at Hangzhou international edifice. He would ride seventy miles on his bicycle to give tourists tours of the area to practice his English for 9 years. He became pen friends with one of those foreigners, who nicknamed him “Jack” as a result of he found it arduous to pronounce his Chinese name.
Later in his youth, Ma struggled attending school. The Chinese entrance exams are held just once a year and Ma took 4 years to pass. Ma attended Hangzhou Teacher’s Institute (currently called Hangzhou Normal University) and graduated in 1988 with a B.A. in English. Whilst at school, Ma was head of the student council. After graduation, he became a tutor in English and International Trade at Hangzhou Dianzi University. He later registered at the Beijing-based Cheung Kong School of Business and graduated in 2006.
Jack Ma on the long run of online trade and globalization at the Global Economic Forum 2017
Ma applied for thirty totally different jobs and got rejected by all. “I went for employment with the police; they told, ‘you’re no sensible,'” Ma told said, Charlie Rose. “I even attended to KFC when it came to my town. 24 people attended for the job. 23 were accepted. I was the sole guy…”. Additionally, he applied 10 times to Harvard Business School (HBS) and got rejected.
In 1994, Ma heard about the net. In early 1995, he visited the U.S.A. together with his friends, who helped introduce him to the net. Though he found info related to beer from many countries, he was shocked to find none from China. He also weary to search for general info concerning China and again was more shocked to find none. Then he and his friend created an “ugly” website related to China. He launched the website at 9:40 AM, and by 12:30 PM he had received emails from some Chinese investors wishing to know concerning him. It was when Ma cognized that the Internet had something great to offer. In April 1995, Ma, his wife Cathy and friend raised US$20,000 and began their first company. Their company was dedicated to making websites for companies and he named it “China Pages”. Within 3 years, the company had created 5,000,000 Chinese Yuan which at the time was equivalent to US$800,000.
Ma starts building websites for Chinese companies with the help of friends in the U.S.A. He told that “The day we got connected to the online, I invited friends and television people over to my home”, and on a really slow dial-up connection, “we waited 3.5 hours and got half a page”, he recalled. “We drank, watched television and played cards, waiting. However, I was very much proud. I tested the internet existed”. At a conference in 2010, Ma published that he has never really written a line of code nor created one sale to a client. He acquired a pc for the primary time at the age of thirty-three.
From 1998 to 1999, Ma headed a data technology company established by the China International Electronic Commerce Center, a department of the Ministry of Foreign Trade and Economic Cooperation. In 1999, he quit and came back to Hangzhou with his team to found Alibaba, a China-based business-to-business marketplace site in his flat with a bunch of eighteen friends. He started a brand new round of venture development with five lakhs yuan.
Jack Ma at 2007 China Trust world Leaders Forum:
In October 1999 and January 2000, Alibaba twice won a total of a $25 million foreign venture capital investment. The program was expected to improve the domestic e-commerce market and perfect an e-commerce platform for Chinese enterprises, especially small and medium-sized enterprises (SMEs), to address the World Trade Organization (WTO) challenges. Ma wanted to boost the worldwide e-commerce system and from 2003 he based Taobao Marketplace, Alipay, Ali Mama, and Lynx. After the speedy rise of Taobao, eBay offered to buy the company However, Ma rejected their offer, instead garnering support from Yahoo co-founder Jerry Yang with a $1 billion investment.
In September 2014 it was reported Alibaba was raising over $25 billion in an initial public offering (IPO) on the New York Stock Exchange. Alibaba became one of the most valuable technology companies in the world after raising $25 billion, the largest initial public offering in US financial history. Ma now serves as executive chairman of Alibaba Group, which is a holding company with nine major subsidiaries: Alibaba.com, Taobao Marketplace, Tmall, eTao, Alibaba Cloud Computing, Juhuasuan, 1688.com, AliExpress.com, and Alipay. In Nov 2012, Alibaba’s online group action volume exceeded one trillion yuan. Ma has typically been invited to lecture at Peking University. As of 2016- Jack Ma is the proprietor of Château de Sours in Bordeaux, Chateau Guerry in Côtes de Bourg and Château Perenne in Blaye, Côtes de Bordeaux.
On 9 January 2017, Jack Ma met with the United States President-elect Donald Trump at Trump Tower, to discuss potential 1 million jobs openings in the following five years through Alibaba’s interest in the country. On 8 Sep 2017, to celebrate Alibaba’s 18th year of establishment, Ma appeared on stage and turned the event into a ‘Thriller’ with a Michael Joe Jackson inspired performance. This is not the first time Ma has performed at an Alibaba event He performed part of “Can You Feel The Love Tonight” at the 2009 event while dressed as a heavy metal lead singer. Within the same month, Ma also partnered with Sir Li Ka-Shing in a joint venture to offer a digital wallet service in Hong Kong.
Ma declared on 10th Sep 2018 that he is going to step down as executive chairman of Alibaba Group Holding in the next year.
In 2017, Jack Ma created his acting debut with his 1st kung fu short film Gong Shou Dao. it was filmed in collaboration with the Double eleven shopping Carnival Singles’ Day. Within the same year, he also attended a singing festival and performed dances during Alibaba’s 18th-anniversary party.
Awards and honors:
In 2004, Ma was honored as one of the “Top 10 Economic Personas of the Year” by China Central Television (CCTV).
In September 2005, the World Economic Forum selected Ma as a “Young Global Leader”.
Fortune Magazine also elected him as one of the “25 Most Powerful businessperson in Asia” in 2005.
Businessweek also elected him as a “Businessperson of the Year” in 2007.
In 2008, Barron’s featured him as one of the thirty “World’s Best CEOs”
In May 2009, Time magazine listed him as one of the world’s one hundred most powerful people.
BusinessWeek selected him as one of China’s Most Powerful people.
Forbes China also has chosen him as one of the highest 10 Most respected Entrepreneurs in China by in 2009. Ma received the 2009 CCTV Economic Person of the Year: Business Leaders of the last decade Award.
In 2010, Ma was chosen by Forbes Asia as one of Asia’s Heroes of Philanthropy for his contribution to disaster relief and impoverishment.
In 2011 it was absolutely announced that one of his companies had gained monitoring of Alipay, earlier a subsidiary of Alibaba group, so as to “comply with Chinese law governing payment corporations so as to secure a license to continue operating Alipay.
Various analysts reported that Ma sold Alipay to himself below market price without notifying the board of Alibaba group or the other major proprietors Yahoo and Softbank, Whereas Ma stated that Alibaba Group’s board of directors were alert to the dealing. The proprietary dispute was resolved by Alibaba Group, Yahoo! and Softbank in July 2011.
In November 2013 Ma was awarded an honorary doctoral degree by the Hong Kong University of Science and Technology.
In 2013, he also became chairman of the board for The Nature Conservancy’s China Program; that was one day after he stepped down from Alibaba as company CEO.
In 2014, Ma was ranked as the thirtieth most powerful person in the world in an annual ranking published by Forbes.
In 2015, Asian Award honored Ma with the enterpriser of the Year award.
In 2017, Fortune hierarchic him second on its World’s fifty Greatest Leaders list.
In 2017, a KPMG survey ranked Ma 3rd in world tech innovation visionary survey.
In October 2017, Jack Ma was given an honorary degree of Doctor of Science in Technopreneurship from First State-La Salle University-Manila, Philippines.
In May 2018, Ma was given an honorary degree of Doctor of Social Sciences honoris causa in recognition of his contributions to technology, society and the world by the University of Hong Kong.
In May 2018, Jack Ma received an honorary doctoral degree from professors Yaakov Frenkel and Yaron Oz at the Tel Aviv University in Tel Aviv, Israel.