Net Worth: $23.4 billion as of 2022
Jack Ma, originally Ma Yun, (born September 10, 1964, Hangzhou, Zhejiang province, China), a Chinese entrepreneur who was head of the Alibaba Group, which consists of several of China’s most popular Websites, including the business-to-business marketplace Alibaba.com and the shopping site Taobao.com.
jack Ma got intrigued by the English language as a little fellow, and during his teenage, he functioned as a guide for unfamiliar vacationers to Hangzhou. He bombed the placement test for the Hangzhou Teachers College twice. (His frail point was mathematics). He was conceded on the third attempt, in 1984, and he graduated with a four-year college education in English in 1988. From 1988 to 1993 he was teaching English at the Hangzhou Institute of Electronics and Engineering (presently Hangzhou Dianzi University). In 1994, he established his first organization, the Haibo Translation Agency, which gave English interpretation and understanding.
PC: Jagran Josh
How Jack ma started Alibaba?
While traveling to the United States for the benefit of the Hangzhou regional government in 1995, Ma had his first experience with the Internet and saw the absence of Chinese Web destinations as an extraordinary business opportunity. On his return, he established China Pages, which made Web locales for Chinese organizations and was one of China’s first Internet organizations. He left the organization two years later on account of solid rivalry from the correspondence organization Hangzhou Telecom, which had established an adversary organization, the Chinese page.
From 1998 to 1999 jack Ma was top of an Internet organization in Beijing that was upheld by the Ministry of Foreign Trade and Economic Cooperation. He felt, in any case, that if he stayed with the administration, he would pass up the monetary open doors that the Internet was bringing. Ma convinced his group at the service to return to Hangzhou with him and found the Alibaba Group, which dispatched a Website that encouraged arrangements between independent ventures.
Jack Ma persuaded that the private company to-independent venture Internet market had a prominent potential for development than the business-to-customer Internet market had. Independent companies paid a participation expense to be ensured as reliable dealers on Alibaba, with a more noteworthy expense being charged to organizations that wished to offer to clients outside China. Development was quick; in 2005 Alibaba pulled in the consideration of the American Internet entry Yahoo!, which purchased a 40 per cent stake, and in 2007 Alibaba.com brought 1.7 billion dollars up in its first sale of stock (IPO) in Hong Kong.
In 2003 Ma created a new company, the customer-to-purchaser online commercial centre Taobao (Chinese: “looking for treasure”). At that point, the American organization eBay, as a team with the Chinese organization EachNet, had a piece of the overall industry of 80 per cent, yet Ma felt that eBay-EachNet’s approach of charging clients an exchange expense was a shortcoming. Taobao didn’t charge such an expense yet brought in cash from internet publicizing and the offer of extra administration to clients.
Ma’s instinct demonstrated right; by 2007 Taobao had a 67 per cent piece of the pie, and eBay yielded lion’s share responsibility for Chinese activities to the Chinese-language media organization TOM Group, which made the auxiliary TOM EachNet. In 2011 Ma reported that Taobao would part into three organizations: Taobao Marketplace, where people could purchase and sell merchandise; Taobao Mall, an internet shopping gateway; and a shopping-related web crawler. In September 2014 the Alibaba Group appeared an IPO on the New York Stock Exchange that raised $21.8 billion.
That IPO was the biggest ever in the United States and gave the organization a market estimation of $168 billion, the most elevated incentive in IPO history around than for any Internet organization. In September 2018 it was reported that Ma would step down as administrator of Alibaba the next year, however, he would stay on the board.
Alibaba Fires 10,000 employees
As per media reports, Alibaba has fired 10,000 employees. The step has been taken as a part of cost-cutting measures amid the slowing economy.
During the June 2022 quarter, the company fired more than 9,241 employees. The report from South China Morning Post stated that with the recent layoff, the company trimmed its overall headcount to around 245,700 employees.
However, in other news, the CEO of Alibaba, Daniel Zhang Yong said that the company plans to add around 6,000 fresh university graduates to its headcount by later this year (2022).
Jack Ma Achievements
Jack Ma has received many awards and has been appreciated a lot throughout his life. He was mentioned in the “Top 10 Economic Personalities of the Year” list by China Central Television in 2004. He was also featured in the “25 most powerful Business People in Asia” list in 2005. Another significant achievement added to his list when “Business Week” magazine named him “Businessperson of the year” in 2007.
The list does not end here. 2009 was one of the special years for him as Jack Ma successfully secured a spot in “World’s 100 most influential People” in Time Magazine. He is named as the 30th most powerful person in the world in the year 2014.
The “Entrepreneur of the year” award in 2015 in the “Asian Awards” ceremony was honoured to him. At the international level when UN Secretary-General Antonio Guterres appointed him as a new advocate alongside 16 other influential global leaders to promote sustainable development growth.
Jack Ma was recently honoured with the “Malcolm S. Forbes Lifetime Achievement Award” at Forbes Global Conference.
These rewards and achievements suggest that Jack Ma is one of the most significant influential figures in the world. He is one of the great entrepreneurs in today’s world. Even though he stepped down from one of the largest e-commerce businesses but he continues to influence others through his extraordinary works.