Money: Jack Ma Ends 20-Year Reign Over Alibaba Wealth Creation Empire - PressFrom - Canada
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MoneyJack Ma Ends 20-Year Reign Over Alibaba Wealth Creation Empire

06:50  10 september  2019
06:50  10 september  2019 Source:   msn.com

The world's biggest wealth manager just told clients to sell stocks — saying 'brace for higher volatility' from the trade war

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Alibaba Group Holding Ltd. co-founder Jack Ma cautioned China’s business and political leaders to But Ma , a week after he announced plans to hand over the chairman role to Chief Executive Officer Those initiatives will help sustain revenue growth for the financial year ending in March of 60 percent

The US and China trade war could last 20 years , Alibaba founder Jack Ma said. Ma made the remark after President Donald Trump ordered the US Trade Representative to impose fresh tariffs on 0 billion worth of Chinese goods.

Jack Ma Ends 20-Year Reign Over Alibaba Wealth Creation Empire© Bloomberg Key Speakers at Viva Technology Conference Jack Ma is giving up the reins of Alibaba Group Holding Ltd. after presiding over one of the most spectacular creations of wealth the world has ever seen.

The former English teacher steps down as executive chairman of China’s largest company on his 55th birthday after amassing a $41.8 billion fortune -- a trove surpassed only by India’s Mukesh Ambani in Asia, according to the Bloomberg Billionaires Index. His record-breaking rise from a bootstrapped entrepreneur working out of his apartment in 1999 to jet-setting e-commerce mogul is one for the history books, mirroring China’s own evolution from technological backwater to world’s No. 2 economy.

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HONG KONG — Alibaba ’s co-founder and executive chairman, Jack Ma , said he planned to step down from the Chinese e-commerce giant on Monday to pursue philanthropy in education, a changing of the guard for the 0 billion internet company.

Tech tycoon Jack Ma told investors to hunker down for a drawn out trade war between the United States and China. Ma made the remarks at an annual conference for Alibaba investors, just hours after the Trump administration slapped a new round of tariffs on Chinese goods worth 0 billion.

Jack Ma

Over two decades, Ma and his co-founders built a business-to-business marketplace into a $460 billion titan that bested EBay Inc. and Amazon.com Inc., operates the one of the world’s largest cloud computing businesses, and runs a logistics network that delivers millions of parcels every day. Now the country’s most recognizable businessman, he hands the helm on Tuesday to finance maven Daniel Zhang -- a momentous transition for Asia’s largest corporation.

Read more: New Alibaba Chief Explains Why He Wants to Kill His Own Business

Jack Ma Ends 20-Year Reign Over Alibaba Wealth Creation Empire© Bloomberg Asia's Richest

Ma became Asia’s richest person in 2016, overtaking Dalian Wanda Group Chairman Wang Jianlin. The title now belongs to Reliance Industries Ltd. Chairman Ambani, who’s worth $47.4 billion, according to a Bloomberg ranking of the world’s 500 wealthiest individuals.

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Jack Ma , or Ma Yun (Chinese: 马云; [ mà y̌n]; born 10 September 1964), is a Chinese business magnate, investor, politician and philanthropist.

Sept. 8 (Bloomberg) -- In this clip from 1999, Jack Ma delivers a speech to 17 friends in his apartment to introduce Alibaba and lay out his plan to compete

The Alibaba co-founder has become the face of Chinese business even while a member of the ruling Communist Party. Ma, who recalled in a 2015 interview how KFC once rejected his job application, currently owns a 5.3% Alibaba stake worth $24.6 billion, or about 10-fold the $2.6 billion his 7.4% slice in 2012 was worth. Since taking over as executive chairman in 2013, Alibaba’s revenue has surged about 1,100% to 378.8 billion yuan ($56.2 billion) in the year ended March 2019. His fortune doesn’t count shares in the company held by his foundation, or the value of stock he’s sold over time.

Ma isn’t the only person to derive fabulous wealth from the Alibaba empire. The company’s trajectory at one point spawned at least 10 other billionaires across its ecosystem, from a parcel delivery company and supermarket to an online payments affiliate. Despite stepping down, Ma is expected to remain pivotal to a sprawling industrial machine with e-commerce at its heart.

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Alibaba Group co-founder Jack Ma cautioned China's business and political leaders to prepare for the trade war with the US to last longer and have a bigger impact than most people think. China's richest man said the dispute could last 20 years and persist beyond the presidency of Donald Trump, as the

Alibaba chairman Jack Ma said on Tuesday that trade frictions between the United States and China could last for two decades and would be "a mess" for all parties involved, citing weak trade rules. Ma was speaking at an Alibaba investor conference hours after Washington said it would impose duties

“At this point, it’s still unlikely that Zhang would make important decisions without Ma’s support,” said Brock Silvers, managing director at Shanghai-based Kaiyuan Capital, an investment advisory firm.

Read more: Alibaba’s rise creates 10 billionaires not named Jack Ma

--With assistance from Pei Yi Mak.

To contact the reporter on this story: Venus Feng in Hong Kong at [email protected]

To contact the editors responsible for this story: Pierre Paulden at [email protected], ;Peter Elstrom at [email protected], Peter Eichenbaum, Edwin Chan

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Box Office: ‘It: Chapter Two’ Continues International Reign With $47 Million.
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