Ma, a former English teacher, co-founded the Alibaba Group in 1999 and, under his leadership, the company grew to become the most valuable company in Asia, with a current market capitalization of $ 460 billion.
Alibaba employs more than 100,000 people and has expanded to other sectors, offering financial services, computing and artificial intelligence. The company's presidency will be held by Daniel Zhang, who until now served as executive director.
According to Reuters, after his resignation, Ma, who has a net worth of $ 38.4 billion, will be dedicated to philanthropy and education. However, he will continue to be a member of an administrative group of Alibaba, whose functions are not related to those of the board of directors.
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