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Jack Ma: China’s best-known capitalist

Jack Ma cofounded Alibaba Group, one of the world’s largest e-commerce businesses.

Last month, Forbes Media presented the Malcolm S. Forbes Lifetime Achievement Award to Alibaba Group founder and Partner Jack Ma, hailing his commitment to small businesses in addition to the impact that Alibaba has achieved since launching 20 years ago. Photography: Forbes.

Jack Ma founded the Africa Netpreneur Prize competition. The $10 million initiative will award $1 million a year for the next 10 years to African entrepreneurs as a way to support the growth of the continent’s digital economy.

In September 2019, Jack Ma stepped down as Alibaba’s executive chairman; he is succeeded by CEO Daniel Zhang.

He is China’s richest man, with a net worth of $41.1 billionas of 2 February 2019.  onHe is one of the wealthiest people in the world and also was ranked 21st in the world by Forbes Magazine’ World’s Most Powerful People.

Jack Ma is a former English teacher.

As a young adult, Ma failed the Chinese entrance exams for college three times before he passed. Once applications were sent, he was turned down by Harvard ten times.

Alibaba has found tremendous success during its two decades, as it now serves 730 million annual active consumers in China and another 130 million overseas.

Alipay parent Ant Financial, in which Alibaba holds a 33% stake, serves 900 annual active consumers in China and 1.2 billion worldwide, including active users of Alipay’s local e-wallet partners.

The $456.4 billion Alibaba currently employs about 100,000 people globally, and its e-commerce platforms reach merchants and consumers in more than 200 countries and regions.

This year, Alibaba  hosted its 11th 11.11 Global Shopping Festival, which has grown into the largest one-day shopping festival in the world.

Ma grew up poor in communist China. He find success with his third internet company, Alibaba.

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