SAN FRANCISCO (AP) — The New York Times is reporting that Jack Ma, the co-founder and executive chairman of Chinese e-commerce behemoth Alibaba Group, is retiring.
The Times said that in an interview, Ma said he planned to step down as executive chairman on Monday to pursue philanthropy in education. He will remain on Alibaba’s board of directors.READ MORE: Possible Explosive Device Outside Oakland Courthouse Forces Evacuations, Street Closures
Ma started Alibaba in 1999 in his apartment in the Chinese city of Hangzhou and is now among the richest people in the world.READ MORE: Fire Burns At Residential Building in San Francisco Mission District
The company went public on the New York Stock Exchange in 2014 and has a market value of about $421 billion. It’s the world’s biggest e-commerce company by total value of the merchandise sold across its platforms, which include Taobao and TMall.
Alibaba did not immediately respond to a request for comment.MORE NEWS: Oakland City Council: Black Contractors Not Getting Fair Share Of Street-Paving Bids
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