Listen: Alibaba founder Jack Ma steps down from chairman role
"All right. Let's talk a little bit more about some other Tech News Alibaba Chairman Jack Moss stepping down as chairman of the company. He founded back in one thousand nine hundred eighty nine. This is big especially in the Chinese tech circles Jack Jack. Ma bought his first computer when he was thirty three years old. Alibaba was his third attempt at a startup. He's only fifty five and is expected to focus now on philanthropy and education. Hey Shen but who knows what the guy's GonNa do. Alibaba has a market cap of four hundred sixty billion dollars. US and is considered the world's most valuable retail brand outside the United States Daniels Yang Yang will become the new chairman of Alibaba. He has been CEO since two thousand fifteen so he's adding chairman to that. CEO Credit Jiang is credited with popularizing Alibaba's Alba's singles day online shopping festival which is the biggest retail shopping day in the world. Jiang is encouraging some in house experiments that compete with Alibaba's current retail offerings offerings telling Bloomberg in an interview about the transition. If we don't kill our existing businesses someone else will so I'd rather see our new businesses kill our existing businesses and that's something other businesses could to confer take inspiration from competing for yourself. It's an Omaha time on principle yeah it. I mean there are so many ways you could interpret that stepping down from DOC MA I don't know much about the Chinese ecosystem or markets or environment but he's quite young. It seems for retiring I guess there are two ways you can see it either. He's a very wealthy man and he wants to do other things which makes complete sense ore or there are other reasons that are pushing him to be tired and no matter what you say you gotta you. GotTa say that he's pretty impressive impressive performance right to go from thirty three years old for buying his first computer. Actually started yeah retiring at fifty five from this foreign sixty fifty billion dollar company. That's impressive. The sense I get is that he didn't want to continue to run this company forever. He's not an executive. He's not he's not not a financial person. He's not an engineer. He is neither Bill Gates nor Steve Bomber in this situation and so I think I you know he has apparently been saying since shortly after they founded the company at some point. I'm going to have to hand this all over and of course it was big when he handed it over to CEO The CEO role Zhang and so this doesn't surprise as me but I I think everybody is is wondering like okay but what what are you really doing next. It's not just going to be philanthropy right. Come on used to be a teacher so maybe it will be education. I don't know ooh and also the fact that it's China even if it's not warranted kind of ads and air oh but what is what is really happening beyond yeah. I know there is that that that does stick to it. I feel like with Jack Ma. It's it's probably less less of an issue than than say with the wall way or something like that but who knows who knows you never know for sure"