Jack Ma’s firm Alibaba’s journey to become Asia’s most valuable company: Timeline
Jack Ma, the richest man in China, is about to take the next step in his career, leaving the company he founded, Alibaba Group Holding Ltd., to focus on education and philanthropyUpdated: Sep 10, 2018 01:53 IST
Jack Ma, the richest man in China, is about to take the next step in his career, leaving the company he founded, Alibaba Group Holding Ltd., to focus on education and philanthropy.
Ma will unveil his succession plans Monday and work on the transition over a significant period of time, according to the South China Morning Post, the Hong Kong newspaper owned by Alibaba. His announcement will coincide with his 54th birthday.
Here is a look at how Ma turned Alibaba into Asia’s most valuable firm:
*1999: Jack Ma founds Alibaba with 17 other people in Hangzhou, China, with $60,000
*2000: Alibaba Group raises $20 million from an investor group led by Japan’s SoftBank Group Corp.
*2003: Ma creates Taobao, an EBay-like site where consumers barter with each other
*2004: Alibaba creates Alipay, the online payments system that grows to become China’s largest
*2005: Alibaba takes over operations of Yahoo China
*2008: Taobao Mall (now known as Tmall) is created to allow merchants to sell to customers
*2010: The Alibaba Partnership is established to ensure management control of the company
*2013: Jack Ma steps down as CEO, remains as executive chairman
*2014: Alibaba conducts world’s largest IPO, raising $25 billion when it lists in the U.S.
*2015: Current CEO Daniel Zhang takes the helm at the company on May 10
*2018: Ma tells Bloomberg TV that he plans to shift his focus to education and return to teaching; the South China Morning Post, the Hong Kong newspaper owned by Alibaba, reports that Ma will unveil succession and transition plans on Monday
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First Published: Sep 10, 2018 01:52 IST