China’s third richest man, Jack Ma, will be stepping down as the Executive Chairman of Alibaba, Chinese e-commerce giant, to return to teaching.
The 54 year old Mr Ma, a former University English language teacher says he will be retiring to “begin a new era”. He told Bloomberg that “I think some day, and soon, I’ll go back to teaching. This is something I think I can do much better than being CEO of Alibaba”.
Mr Ma co-founded Alibaba in 1999 and the company is now worth $400 billion. In 2017, Forbes magazine estimated his net worth at US$40 billion, making him China’s third richest man. He plans to retire from the e-commerce empire he built on Monday, 10 September.
The shy Chinese billionaire, who once said he was refused a job at McDonalds, has said in many occasions that he is passionate about education. He said he plans to use the rest of his life promoting educational and other charitable courses.
As part of the alumni group linked to the Young LGobal Leaders network, Ma gave them advice on what they should focus on in the next 30 years of their careers.
“When you are 20 to 30 years old, you should follow a good boss [and] join a good company to learn how to do things properly,” Ma said.
“When you are 30 to 40 years old, if you want to do something yourself, just do it. You still can afford to lose, to fail.
“When you are 50 to 60 years old, spend time training and developing young people, the next generation