Alibaba’s co-founder and Executive Chairman and China’s richest person Jack Ma announced his retirement from the company on Friday evening. Jack Ma gave 20 years of his career to the company and took the company to a top position where it is today.
Soon after Ma’s retirement announcement, the shares of the company fell by more than 2% in after-hours trading. Though, it is not clear yet that who will be the next executive chairman of Alibaba.
Ma co-founded Alibaba in 1999 and helped grow it into a $420 billion business that has been instrumental in shaping how Chinese citizens purchase and pay for online goods. He owns a 6.4 percent stake in the company, giving him a net worth of more than $40 billion.
Ma currently serves as Executive Chairman of Alibaba and ceded the CEO role to David Zhang in 2013. Ma also controls Ant Financial, the rebranded Alipay and financial services subsidiary of Alibaba.
Alibaba reported roughly $40 billion in revenue last year. In its most recent quarter, it reported about $10 million in e-commerce revenue. The company reported its annual active customer base hit 524 million.