Jack Ma Yun was born September 10, 1964 and he is a Chinese business magnate, investor and philanthropist.
He is the co-founder and former CEO of the Alibaba Group , a multinational technology conglomerate. Also, he co -founded Yunfeng Capital , a private equity firm . Ma is a strong advocate of an open, market-driven economy .
Jack Ma Biography
He began studying English at a young age by conversing with English speakers at the Hangzhou International Hotel. For nine years, Ma rode 17 miles (27 km) on his bike to give tourists tours of the area to practice his English. He became pen pals with one of those foreigners, who nicknamed him “Jack” because he had trouble pronouncing his Chinese name.
Later in his youth, Ma had difficulty attending college. Ma failed the entrance exam for Hangzhou Teachers College twice, as her weak point was mathematics.
China’s entrance exams, held annually, took three years to pass. Ma attended Hangzhou Teachers’ Institute (currently known as Hangzhou Normal University ), graduating in 1988 with a Bachelor of Arts in English.
While in school, Ma was head of the student council. After graduating, she became a professor of English and international business at Hangzhou Dianzi University . He also claims to have applied to Harvard Business School ten times and been rejected each time.
He is one of the biggest business men in the world.
Jack Ma Career
According to Ma’s autobiographical speech, after graduating from Hangzhou Normal University in 1988, Ma applied for 30 different jobs and was rejected by all of them. “I went to work with the police; they said ‘you’re no good , ‘ ” Ma told interviewer Charlie Rose. “I even went to KFC when it came to my town.
Twenty-four people went looking for the job. Twenty-three were accepted. I was the only guy rejected.”
During this period, China was in its first decade of Deng Xiaoping’s Chinese economic reform.
In 1994, Ma learned about the Internet and also founded his first company, Hangzhou Haibo Translation Agency. In early 1995, he went to the United States on behalf of municipal government with colleagues who had helped him get it on the Internet.
Although he found information related to beer from many countries, he was surprised to find none from China. He too tried to find general information about China and was again surprised to find none. So he and his friend created an “ugly” website related to China.
He launched the website at 9:40 AM, and by 12:30 PM he had received emails from some Chinese investors wanting to meet him. That’s when Ma realized that the Internet had something great to offer.
In April 1995, Ma and He Yibing (computer science teacher) opened the first office for China Pages, and Ma founded the second company for his.
On May 10, 1995, they registered the domain chinapages.com in the United States. Within three years, the company had earned 5,000,000 renminbi, which at the time was equivalent to US$800,000.
Ma began creating websites for Chinese companies with the help of friends in the United States. He said that “The day we got on the Web, I invited friends and TV people over to my house,” and on a very slow phone connection, “we waited three and a half hours and got half a page,” he recalled. “We drank, we watched TV and we played cards, waiting. But I was very proud. I proved that the Internet existed.”
At a conference in 2010, Ma revealed that he has never written a line of code or made a sale to a customer. He first purchased a computer at the age of 33.
From 1998 to 1999, Ma ran an information technology company established by the China International Electronic Commerce Center, a department of the Ministry of Foreign Trade and Economic Cooperation.
In 1999, he resigned and returned to Hangzhou with his team to found Alibaba, a China-based business-to-business marketplace in his apartment with a group of 18 friends. He started a new round of business development with 500,000 yuan.
In October 1999 and January 2000, Alibaba earned a total of $25 million of foreign venture capital investment from Goldman Sachs and Softbank.
The program was expected to improve the domestic e-commerce market and perfect an e-commerce platform for Chinese companies, especially small and medium-sized enterprises (SMEs), to meet the challenges of the World Trade Organization (WTO).
Alibaba became profitable three years later. Ma wanted to improve the global e-commerce system, and since 2003 he founded Taobao Marketplace, Alipay, Ali Mama, and Lynx. After Taobao’s rapid rise, eBay offered to buy the company.
However, Ma turned down his offer, instead gaining the support of Yahoo co-founder Jerry Yang with a US$1 billion investment.
Jack Ma Chairman Of The Alibaba Group
Ma served as CEO of Alibaba Group, which is a holding company with nine main subsidiaries: Alibaba.com, Taobao Marketplace, Tmall, eTao, Alibaba Cloud Computing, Juhuasuan, 1688.com, AliExpress.com, and Alipay.
In November 2012, Alibaba’s online transaction volume exceeded 1 trillion yuan. As of 2016 , Ma owns Château de Sours in Bordeaux, Chateau Guerry in Côtes de Bourg, and Château Perenne in Blaye, Côtes de Bordeaux.
On January 9, 2017, Ma met with US President-elect Donald Trump at Trump Tower, to discuss the potential of 1 million job openings in the next five years through Alibaba’s business interests in The United States of America .
On September 8, 2017, to celebrate Alibaba’s 18th year of establishment, Ma appeared on stage and gave a Michael Jackson inspired performance.
He performed part of “Can You Feel The Love Tonight” at Alibaba’s birthday event in 2009 while dressed as a heavy metal singer. In the same month, Ma also partnered with Sir Li Ka-shing in a joint venture to offer a digital wallet service in Hong Kong.
Ma announced on September 10, 2018 that he would step down as CEO of Alibaba Group Holding next year. Ma denied reports that the Chinese government forced him to step aside and stated that he wants to focus on philanthropy through his foundation. Daniel Zhang would then lead Alibaba as the current CEO.
He officially resigned from Alibaba’s board of directors on September 30, 2019.
Jack Ma Awards And Honors
- In 2004, he was honored as one of the “Top 10 Economic Personalities of the Year” by China Central Television (CCTV).
- In September 2005, the World Economic Forum selected him as a “Young Global Leader”.
- Fortune also selected him as one of “Asia’s 25 Most Powerful Entrepreneurs” in 2005.
- Businessweek also selected him as “Entrepreneur of the Year” in 2007.
- In 2008, Barron’s featured him as one of the 30 “Best CEOs in the World” .
- In May 2009, Time magazine listed Ma as one of the 100 most powerful people in the world. Reporting on Ma’s achievements, Adi Ignatius, a former senior editor at Time and editor-in-chief of the Harvard Business Review , noted that “the Chinese Internet entrepreneur is soft-spoken and elf-like, and speaks very good English,” commenting that “Taobao.com, Mr. Ma’s consumer auction website, took over eBay in China.” He was also included on this list in 2014.
- BusinessWeek chose him as one of the most powerful people in China.
- Forbes China also selected him as one of the 10 most respected businessmen in China in 2009. Ma received the 2009 CCTV Economic Person of the Year: Business Leaders of the Decade award.
- In 2010, he was selected by Forbes Asia as one of Asia’s Philanthropy Heroes for his contribution to disaster and poverty relief.
- In 2011, it was announced that one of his companies had gained control of Alipay, formerly a subsidiary of Alibaba Group, in order to “comply with Chinese laws governing payment companies in order to obtain a license to continue operating Alipay.
- Numerous analysts reported that Ma sold Alipay to himself below market value without notifying the board of Alibaba Group and the other big owners Yahoo and Softbank, while he stated that the board of directors of Alibaba Group was aware of the transaction. The ownership dispute was settled by Alibaba Group, Yahoo! and Softbank in July 2011.
- Ma received an honorary doctorate from the Hong Kong University of Science and Technology in November 2013.
- Ma was a board member of Japan’s SoftBank (2007-2020) and China’s Huayi Brothers Media Corporation. He became a trustee of The Nature Conservancy’s China program in 2009 and joined its global board of directors in April 2010.
- In 2013, he became chairman of the board of The Nature Conservancy’s China Program; this was a day after he resigned from Alibaba as CEO of the company.
- In 2014, he was ranked the 30th most powerful person in the world in an annual ranking published by Forbes .
- In 2015, Asian Award honored him with the Entrepreneur of the Year award.
- In 2017, Fortune ranked Ma second on its list of the 50 Greatest Leaders in the World.
- In 2017, a KPMG survey ranked Ma third in the global technology innovation visionaries survey.
- In October 2017, Ma received an honorary Doctor of Science degree in Technoentrepreneurship from De La Salle University in Manila, Philippines.
- In May 2018, Ma was awarded an honorary Doctor of Social Sciences degree by the University of Hong Kong in recognition of his contributions to technology, society and the world.
- In May 2018, Ma received an honorary doctorate from Professors Yaakov Frenkel and Yaron Oz at Tel Aviv University.
- In May 2019, Ma and 16 other influential world figures were named by the United Nations Secretary-General as the new champions of the sustainable development goals.
- In July 2020, Ma was awarded a First Class Medal by King Abdullah II for his contribution in fighting the COVID-19 pandemic.
- In August 2020, Ma was to receive a Hilal e Quaid e Azam Medal from the President of Pakistan for his contribution in fighting the COVID-19 pandemic.
Jack Ma Net Worth
Jack Ma Net Worth is huge, which is more than over 42.3 million dollars.
Jack Ma Private Life
In college she met Zhang Ying, also known as Cathy Zhang, a fellow student, also from the Hangzhou area.
They married shortly after graduating in 1988, and in addition to working as a Chinese teacher, Zhang was active in Ma’s early business development and became general manager of the main firm, until 2004.
The couple has three children: a son, Ma Yuankun (also known as Jerry Ma), born in 1992, a daughter Ma Yuanbao, and another.