Net Worth & Profile
Jack Ma | Biography Career and Networth
Jack Ma is a Chinese billionaire with an estimated net worth of $22.8 Billion and the founder and former executive chairman of Alibaba Group.
Jack Ma is a Chinese businessman, billionaire and the founder and former executive chairman of Alibaba Group, a multinational technology conglomerate. He has an estimated net worth of $22.8 Billion and was the richest man in China as of 2014, according to Forbes Magazine
Bio Data
| Full Name | Jack Ma Yun |
| Date of Birth | 10 September 1964 |
| Gender | Male |
| Marital Status | Single |
| Career | Business Man |
| Networth | $22.8 Billion |
| Companies | Alibaba Group & Yunfeng Capital |
| Nationality | Chinese |
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Biography
Jack Ma was born on 10 September 1964 in Zhejiang Province of China and began studying English at a young age by conversing with tourist English speakers at Hangzhou International Hotel. He became close with one of the foreigners, who nicknamed him “Jack” because he found it hard to pronounce his Chinese name.
Jack attended Hangzhou Teacher’s Institute (currently known as Hangzhou Normal University) and graduated in 1988 with a Bachelor of Arts in English. After graduation, he became a lecturer in English and international trade at Hangzhou Dianzi University.
In one of his conference speeches, Jack Ma stated that after graduating from Hangzhou Normal University in 1988, He applied for 31 different odd jobs and was rejected by every one of them. He also claims to have applied ten times to Harvard Business School and got rejected each time.
He is married to Zhang Ying also known as Cathy Zhang, They met at the university and got married shortly after graduation in 1988, Zhang who worked as a school teacher was active in the early development of Ma’s businesses and became general manager of the main firm, until 2004. The couple has three children
Career
Jack ma began his entrepreneurship in 1994 after he founded his first company, Hangzhou Haibo Translation Agency. His second business China Pages was inspired after he visited the United States with a group of colleagues in 1995 and was surprised not to find any information relating to China on the Internet, So he created a website related to China and got willing investors on that same day.
China pages became fully operational on 10 May 1995 after the domain name was registered in the United States, the company made a total revenue of $8000,000 within the space of three years.
After founding China Pages, Jack began to build websites for Chinese companies with the help of friends in the United States. He also headed an information technology company established by the China International Electronic Commerce Center, from 1998 to 1999.
In 1999, Jack founded Alibaba, a China-based business-to-business marketplace site in his apartment with a group of 18 friends. The company has however grown to be one of the largest retailers and e-commerce companies in the world, after winning a total of $25 million in foreign venture capital investment from Goldman Sachs and Softbank in the year 2000.
Jack also founded other e-commerce ventures such as Taobao Marketplace, Alipay, Ali Mama and Lyn, to improve the global e-commerce system. After the rapid rise of Taobao, eBay offered to purchase the company. However, Ma rejected their offer, he instead took a $1 billion investment offer from Yahoo co-founder Jerry Yang.
In 2014, Alibaba reportedly raised over $25 Billion in its initial public offering on the New York Stock Exchange making it the largest initial public offering in the US Financial history and one of the most valuable technology companies in the world
On the 10th of May 2013, Jack Ma stepped down as the chief executive officer of Alibaba on 10 May 2013 but remained as the executive chairman of the corporation. He stepped down as executive chairman of the company in 2019 and from the board in 2020.
Networth
The Chinese businessman presently has an estimated net worth of $22.8 Billion due to the recent government crackdown on his business. In November 2020, the Financial Times reported the abrupt cancellation of the Ant Group’s anticipated initial public offering (IPO) after an intervention by financial regulators. According to Chinese bankers and officials, financial stability was the objective behind the intervention.
As earlier stated, Jack was the richest man in China as of 2014, due to his $21.8 Billion Networth as of then. In 2017, Ma was ranked second in the annual “World’s 50 Greatest Leaders” list by Fortune. He is widely considered an informal global ambassador for Chinese business,
In 2019, Forbes named Ma in its list of “Asia’s 2019 Heroes of Philanthropy” for his work supporting underprivileged communities in China, Africa, Australia, and the Middle East. He is presently ranked 67 on the Forbes Billionaire ranking.