In early 1995, he went to the US with his friends, who helped introduce him to the Internet. Jack Ma later remembered: “First week, we have seven employees. In November 2012, Alibaba's online transaction volume exceeded one trillion yuan. The couple have three children: a son, Ma Yuankun (also known as Jerry Ma), born in 1992, a daughter Ma Yuanbao, and one other. He told all his friends about the incredible potentials of the internet and convinced some of them to commission him to design websites for them. Aged 12, he had an idea of how he could improve his English skills: Every morning at five o’clock he rode his bicycle for 40 minutes to an international hotel in his hometown and waited there for tourists. But Jack Ma was right. , Ma officially stepped down from the board of Alibaba on September 30, 2019. However, this is not something irrational or mystical; it is accumulated experience, which in turn is the result of a combination of perseverance and the willingness to experiment. , As of July 2020, with a net worth of $48.2 billion, Ma is the second-wealthiest person in China (after Ma Huateng), as well as one of the wealthiest people in the world, ranked 20th by Forbes. The second week, somebody started to sell on our website.  Daniel Zhang would then lead the way ahead for Alibaba as the current executive chairman. In 2000, I founded my own company, which I established as the market leader in the field of communication consultancy for real estate companies in Germany, with a roster of clients that included Ernst & Young Real Estate, CBRE and Jamestown. His parents were musicians and sometime storytellers. Ma is a strong proponent of an open and market-driven economy. He founded Alibaba, the … , Later in his youth, Ma struggled attending college. Once a poor lad who survived by guiding tourists, Jack went on to rise above his humble condition and achieve success. The greatest failure is giving up. He performed part of "Can You Feel The Love Tonight" at the 2009 Alibaba birthday event while dressed as a heavy metal lead singer. and Amazon are not perfect models and we’re still trying to figure out what’s best.” Thanks to his charisma, he nevertheless managed to persuade the employee responsible for China at Goldman Sachs to invest $5 million in his company. At university he met Zhang Ying (Chinese: 张瑛), also known as Cathy Zhang, a fellow student, also from near Hangzhou. Ma attended Hangzhou Teacher's Institute (currently known as Hangzhou Normal University) and graduated in 1988 with a Bachelor of Arts in English. Communism was at its peak in the country and the residents … I’m running one of the biggest e-commerce companies in China, maybe in the world, but I know nothing about computers. Jack Ma was born in 1964. Twenty-three were accepted. Jack Ma was and is always open to new ideas. It’s a funny thing. To which she replied: Sure, open Sesame. , When asked in 2019 to give his views on the future, Ma again stated that 996 was currently a "huge blessing" necessary to achieve success, but went on to state that artificial intelligence technology might lead to a better life of leisure in the future, where people would only have to work four-hour work days, three days a week. , Ma applied for 30 different jobs and was rejected by all. He is the co-founder and former executive chairman of Alibaba Group, a multinational technology conglomerate. Numerous analysts reported that Ma sold Alipay to himself below, Ma was awarded an honorary doctoral degree by the. The often-outspoken Jack Ma, Alibaba's founder, recently paid a high price for another public jab at regulators. Are We Ready To Make The Change To Lab-Produced Foods? The dynamic is shifting as the companies have grown in power. This was when Ma realized that the Internet had something great to offer. Plus, at this time, it was proving increasingly difficult to raise new funds from venture capital companies. But I was so proud. , In November 2020, The Wall Street Journal reported that Chinese Communist Party leader Xi Jinping personally scuttled Jack Ma’s Ant Group IPO. As a boy, he did everything he could to learn English. After the rapid rise of Taobao, eBay offered to purchase the company. The program was expected to improve the domestic e-commerce market and perfect an e-commerce platform for Chinese enterprises, especially small and medium-sized enterprises (SMEs), to address World Trade Organization (WTO) challenges. In 2007, he even managed to beat his fiercest competitor, eBay, which had far greater financial muscle than Ma’s company.  At a conference in 2010, Ma revealed that he has never actually written a line of code nor made one sale to a customer. , Jack Ma was born Ma Yun in Hangzhou, Zhejiang, China. Jack Ma and other entrepreneurs prospered under Beijing’s laissez-faire attitude toward the business side of the internet. They ended up inviting him to Australia, where he was impressed by the high standard of living that people enjoyed compared with China. ", On 24 September 2014, in an interview with Taobao, Ma attributed the strength of American society to its Christian heritage, and expressed his belief in the importance for China to implement a positive value system, in order to overcome the legacy of the Cultural Revolution. eBay was forced to wind up its business in China because it never managed to understand the Chinese market, including the mentality of the large numbers of small retailers who use Taobao. His friends in Seattle took screenshots of the websites they were working on and sent them back to China, where he showed them to his clients. could give us 12-hour work weeks", "Elon Musk and Jack Ma disagree about AI's threat", "Here's what leaders can do to feel secure in the automation age", "Billionaire Jack Ma Prepares for Life After Alibaba", "Chinese Earthquake -- Corporate Aid Tracker", "Alibaba Group Backs Young Hong Kong Entrepreneurs", "Alibaba To Establish $129M Hong Kong Young Entrepreneurs Foundation", "Alibaba's Jack Ma Joins Nepali Billionaire Binod Chaudhary's Rebuilding Efforts In Quake-Hit Nepal", "Jack Ma Foundation donates medical supplies from China to Israel", "Rwanda's Kagame thanks Jack Ma for 'huge shot in the arm' after receiving donation of test kits", Facts About Cathy Zhang - Billionaire Jack Ma's Wife and Mother of Three, https://en.wikipedia.org/w/index.php?title=Jack_Ma&oldid=996225878, World Economic Forum Young Global Leaders, Wikipedia articles needing factual verification from January 2019, Articles containing Chinese-language text, Articles containing simplified Chinese-language text, Articles containing potentially dated statements from 2016, All articles containing potentially dated statements, Articles with unsourced statements from May 2020, Wikipedia articles with CANTIC identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, Co-founder and former executive chairman of, In 2004, Ma was honoured as one of the "Top 10 Economic Personalities of the Year" by. But, much like Bloomberg, the Google founders and so many other successful company founders, Jack Ma did not have a business plan. Jack Ma, the founder of the e-commerce empire Alibaba and a stakeholder at Alipay, is the richest man in China with an estimated net worth of $38.3 Billion. In the same year, he also participated in a singing festival and performed dances during Alibaba's 18th-anniversary party. As of 2016[update], Ma is the owner of Château de Sours in Bordeaux, Chateau Guerry in Côtes de Bourg and Château Perenne in Blaye, Côtes de Bordeaux.. , At the annual general meeting of shareholders for Alibaba.com in May 2010, Ma announced Alibaba Group would begin in 2010 to earmark 0.3% of annual revenue to environmental protection, particularly on water- and air-quality improvement projects.  Ma denied reports that he was forced to step aside by the Chinese government and stated that he wants to focus on philanthropy through his foundation. In October 2017, Ma was given an honorary degree of Doctor of Science in Technopreneurship from, In May 2018, Ma received an honorary doctorate from professors Yaakov Frenkel and Yaron Oz at the, In May 2019, Ma and other 16 influential global figures were appointed by, This page was last edited on 25 December 2020, at 07:47. Over the next few years, Ma repeatedly changed his business model—combining experimentation with perseverance. In 2014, he was ranked as the 30th-most-powerful person in the world in an annual ranking published by. “If you consider Yahoo! Even in rain and snow, he waited outside the hotel day after day, morning after morning, year after year.  During the same year, the company funded the rebuilding of 1,000 houses damaged by the earthquake-hit in Nepal, and raised money for another 9,000. On 10 May 1995, they registered the domain chinapages.com in the United States. His English was improving constantly, but he was so weak in math that he failed the standardized university entrance test—he only achieved one out of 120 possible points. The investors he met expected him to present a fully developed business plan. I was the only guy...".. Jack Ma, originally Ma Yun, (born September 10, 1964, Hangzhou, Zhejiang province, China), Chinese entrepeneur who was head of the Alibaba Group, which comprised several of China’s most popular Web sites, including the business-to-business marketplace Alibaba.com and the shopping site Taobao.com. New Delhi, Dec 27 (IANS) The ugly face-off between Chinese President Xi Jinping and billionaire entrepreneur Jack Ma is set to deal a big blow to investments in the country. The fact that he actually managed to find companies in his hometown who were willing to spend the not insignificant sum of 20,000 renminbi (about $2,400) on their new homepages is testament to his enormous persuasiveness. In 1988, he obtained a bachelor’s degree in English and found a job as an English teacher. Knowledge can be acquired through hard work.”. Many of the people he spoke to were wary. Jack Ma, or Ma Yun[a] (Chinese: 马云; [mà y̌n]; born 10 September 1964), is a Chinese business magnate, investor and philanthropist. Jack Ma isn’t on the verge of a personal downfall, those familiar with the situation have said. One day he met an Australian family and soon became friends with them. He was immediately smitten and intuitively recognized the role the internet would play in years to come. I started my career at the Central Institute for Social Sciences Research at the Free University of Berlin and went on to become department head at one of Germany’s leading daily newspapers, Die Welt. , who helped introduce him to the US a new round of venture development with yuan... 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