back to article Alright! Ma time to meet that shag quota! Alibaba chairman steps down at 55 with $38.6bn fortune

At 55 years old, Jack Ma, boss of Chinese tech giant Alibaba, is stepping down from day-to-day management of the company he founded – with a $38.6bn fortune in his pocket. The move was announced a year ago in a letter to customers and shareholders. Ma has been "consciously edging himself out" ever since, according to the Beeb …

  1. Pascal Monett Silver badge

    So he's stepping down

    Good on him for building such a career and such a company. Working 9 to 9 ? Less good for the workers but hey, he's a billionaire, not a philanthropist.

    I wonder how long it will take him to launch himself into another project. He does not seem to be the type to just up and retire to taking care of his garden.

    1. MiguelC Silver badge

      Re: So he's stepping down

      On the other hand, $38.6bn buys you a really big garden.

      1. Andy 73

        Re: So he's stepping down

        He can't have my garden, unless he comes and weeds it first.

        1. DougS Silver badge

          Re: So he's stepping down

          I'll sell him my garden for $38.6 billion, and throw in the house for free!

      2. Anonymous Coward
        Anonymous Coward

        Re: So he's stepping down

        Not mine. Stay off my lawn.

  2. lglethal Silver badge
    Go

    Contradiction, much?

    I'm not sure how he correlates his statement about having sex 6 times in 6 days, with one of his previous comment

    "I personally think that being able to work 996 is a huge blessing" (https://www.theregister.co.uk/2019/04/23/microsoft_github_china/)

    I doubt I'd be able to get up the energy to have sex even once a week if I was working a 72 hour week...

    1. jmch Silver badge
      Trollface

      Re: Contradiction, much?

      Unless he intends to include sex time in working hours. Perhaps Alibaba provide a *break room*

      1. Anonymous Coward
        Anonymous Coward

        Re: Contradiction, much?

        Break rooms? What do you think China is?

        He probably allows conjugal visits to keep the inmates in check.

      2. razorfishsl

        Re: Contradiction, much?

        Combine working & sexual harrasment.......

        It's not a problem in China...... well not for the guys it isn't

  3. Aaiieeee
    Paris Hilton

    Communist

    How does having £38bn work in a communist country? He is privately controlling huge wealth..

    (Sorry mate, don't mean to dob you in, I'm just curious)

    1. albaleo

      Re: Communist

      I think there is probably a difference between a communist country and a communist government.

      1. Nightkiller

        Re: Communist

        Do tell.

        1. albaleo

          Re: Communist

          In a communist country, I'd expect companies to be socially owned (state owned, cooperatives, etc.). There seem to be plenty of private enterprises in China, and so it doesn't seem to be a communist country, even though it ostensibly has a communist government.

          Will that do?

      2. Anonymous Coward
        Anonymous Coward

        Re: Communist

        Naw, they're both Garbage.

      3. DCFusor Silver badge

        Re: Communist

        China hasn't been communist by most definitions for a long time. Like all examples of things calling themselves communism before, they simply became totalitarian.

    2. DougS Silver badge

      Re: Communist

      China hasn't been properly communist for decades now. They have retained some aspects of the central planning, but outsourced most of it to a combination of capitalism and local control. Which really isn't all that different than how things work in the US and UK (just look at all the tax breaks offered to businesses to "encourage" them to do what the government wants)

      While communism has always required a strong degree of authoritarianism to function on the scale of a nation (I think pure communism without coercion would probably not work on a scale larger than a town, everyone has to know everyone else) China basically dropped most of the communism and has been ramping up the authoritarianism. They keep their fingers in the businesses (i.e. required investments by the government, control over business decisions in some cases) too so it is much more fascist than communist at this point.

  4. razorfishsl

    He won't get to keep it......

    now the company will be taken over and Pumped for every $ it has.....

  5. John Sawyer

    Ma is going to work for Elon Musk, I'll bet. Maybe he wants to go to Mars and help populate it using his '669' strategy.

  6. ecofeco Silver badge

    One lucky bastard

    In 1994, Ma heard about the Internet and also started his first company [19]Hangzhou Haibo Translation Agency. In early 1995, he went to the US with his friends, who helped introduce him to the Internet. Although he found information related to beer from many countries, he was surprised to find none from China. He also tried to search for general information about China and again was surprised to find none. So he and his friend created an "ugly" website related to China.[20] He launched the website at 9:40 AM, and by 12:30 PM he had received emails from some Chinese investors wishing to know about him. This was when Ma realized that the Internet had something great to offer. In April 1995, Ma and He Yibing (a computer teacher) opened the first office for China Pages and Ma started their second company. On May 10, 1995, they registered the domain chinapages.com in the United States. Within three years, the company had made 5,000,000 Chinese Yuan which at the time was equivalent to US$800,000.

    - https://en.wikipedia.org/wiki/Jack_Ma#Business_career

  7. Nonymous Crowd Nerd

    He's got to have been doing a few things right.

    So he's built the company to a value of $460 billion in twenty years. That's around $63 million a day. That's got to have taken luck, judgement, skill and hard work. Those who think to scoff should perhaps explain why they weren't achieving this.

    Let's just hope Ma now follows Bill Gates' lead and applies himself equally hard to the intelligent spending of the cash.

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