Jack Ma grew up poor in communist China, failed his university-entrance exam twice, and was rejected from dozens of jobs, including one at KFC, before finding success with his third internet company, Alibaba. VCG/VCG via Getty Images Alibaba founder Jack Ma has stepped down from SoftBank’s board after the company announced a record annual loss of $13 billion.
In 2019, Alibaba sales hit $13 billion in the first hour of Single’s Day, an annual November 11 shopping extravaganza Ma created.
Since stepping down as Alibaba’s chairman on his 55th birthday in September, Ma has sourced and shipped hundreds of thousands of coronavirus testing kits and N95 face masks to countries around the world.
Ma is the richest person in China with a net worth of $48.2 billion, according to Forbes .
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Alibaba isn’t the only company Jack Ma is stepping back from.
On Monday, the e-commerce billionaire announced that, effective June 25, he will resign from SoftBank’s board of directors after 13 years. The news came the same day that the Japanese investment firm announced that it lost $13 billion amid troubled investments including WeWork and Uber.Ma grew up poor in communist China, failed his university entrance exam twice, and was rejected from dozens of jobs, including one at KFC, before finding success with his third internet company, Alibaba.Keep reading to learn more about how Jack Ma made his fortune. Jillian D’onfro and Charles Clark contributed to an […]
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