Alibaba is under new management
Because Jack Ma is calling it quits… apparently, being CEO and chairman of a $420 billion empire takes a lot out of you. Jack Ma started out as English teacher and transformed into a tech tycoon over the course of his 20-year run with Alibaba. The current CEO, Daniel Zhang, will take over as executive chairman next year.
In case you don’t know… Alibaba is a vast online retail platform all over the world, but especially prominent in China. Also, just like Amazon, the company has expanded into other areas such as movies, news, and cloud computing as it aims to take over the world.
Forget $1M for retirement… because Jack Ma has a net worth of around $40 billion. Jack Ma is leaving at the right time, too, because the United States is preparing to slap $200 billion worth of tariffs on Chinese goods. Additionally, although China’s economy has been trucking along to this point, it has shown signs of slowing down. But oh well, that’s Daniel Zhang’s problem now because Jack Ma has left the building!