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(Newser)
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Jack Ma is 55 on Tuesday and the richest man in China celebrates this event with a breakthrough: he is stepping down from his position as executive chairman of e-commerce giant Alibaba. He does it "after presiding over one of the most spectacular wealth creations the world has ever seen," writes Venus Feng at Bloomberg. As befitting his great personality, Ma embarks on a party at a sports stadium in Hangzhou that can accommodate 80,000 people. Related coverage:
- Modest start: Ma is a former English professor who founded Alibaba with 17 others in 1999. Initially, they were working from Ma's apartment, according to CNBC. The original idea was to sell Chinese products abroad, but when the Chinese economy took off, Alibaba also made selling products to the domestic market, reports Business insider.
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