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Alibaba’s Jack Ma sells $9.6 billion worth shares, stake dips to 4.8%

13Jul By reutersNo Comments

News

Alibaba’s Jack Ma sells $9.6 billion worth shares, stake dips to 4.8%

Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.4%, cashing out around $9.6 billion at its current share price, the firm's annual filing released on Friday showed. The divestment comes as Ma retired as the Chinese e-commerce company's executive chairman in September and pulled back from formal business roles to focus on philanthropy. Alibaba did not disclose the average selling price of his divestment. Its share price has risen around 40% since Ma reported his 6.4% holding in the company a year ago. The stock's stellar performance has been helped by forecast-beating earnings growth, even as China's economy sharply slows, as more people shop online for essentials due to the COVID-19 pandemic. Alibaba Executive Vice...

Alibaba Founder Jack Ma Resign from Softbank board

18May By reutersNo Comments

News

Alibaba Founder Jack Ma Resign from Softbank board

SoftBank Group Corp said that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son. The departure of Ma, who retired as Alibaba's executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy. SoftBank will propose three new appointments to the board, including group Chief Financial Officer Yoshimoto Goto, at its annual general meeting on June 25. The number of board members will expand to 13. SoftBank will also propose the election of Lip-Bu Tan, CEO of chip design software firm Cadence Design Systems who is also chairman of venture capital firm Walden International, and Yuko Kawamoto, a professor at Waseda Business School as outside directors. Kawamoto will become...

14Mar By PriyankaNo Comments

USA

Jack Ma offers 1 Million Masks to USA

Chinese billionaire businessman Jack Ma offered the United States 500,000 coronavirus test kits and a million masks, as the country faces a shortage of kits for diagnosing the potentially deadly disease. In a statement on Twitter, the founder of e-commerce giant Alibaba said, "drawing from my own country's experience, speedy and accurate testing and adequate protective equipment for medical professionals are most effective in preventing the spread of the virus.""We hope that our donation can help Americans fight against the pandemic!" he said in the statement, which was posted by the Jack Ma Foundation.Ma, who is China's richest man, said that over the past weeks, his organizations had helped provide similar supplies to virus-hit countries such as Japan, South Korea, Italy, Iran and Sp...

26May By AdityaNo Comments

CHINA

Jack Ma New Advice for Sex ‘669’

After advocating people to follow the spirit of "996" (9 am to 9 pm, six days a week at the workplace), Alibaba founder Jack Ma now has given another advice for an improved life, Follow the spirit of "669" (sex for six days, six times, with duration being the key). According to a report, Jack ma gave this advice to the employees during Alibaba staff's group wedding in the country. "At work, we emphasize the spirit of '996'. In life, we should follow '669,'" Ma said. The 54-year-old Ma was speaking at his company's mass wedding which takes place every year on 'Ali Day' on May 10 at the company's headquarters in Hangzhou. The "996" work philosophy was criticised by the tech industry. The "669" philosophy has also created a social media storm, with many net users calling it lewd....

Jack Ma to Launch an Institute of Entrepreneurs in Indonesia

15Oct By Gauri SinghNo Comments

CHINA

Jack Ma to Launch an Institute of Entrepreneurs in Indonesia

The founder and executive chairman of China’s largest e-commerce company Jack Ma is reportedly planning to open an institute to train thousands of tech entrepreneurs in Indonesia. However, he did not mention when Jack Ma Institute of Entrepreneurs would launch. The aim behind this move is to train 1,000 tech leaders a year over the next 10 years. "We're giving a lot of opportunities for young Indonesian people to learn," Jack Ma said. The co-founder of Alibaba said it is important for Indonesia to invest in human capital because "only when people improve, when people's minds change, when people's skills improve, then we can enter the digital period". Talking about Indonesia, the country has a lack of trained engineers in technology and the institute will also train hundreds of develop...

Alibaba Founder Jack Ma will Step Down in 2019

10Sep By Gauri SinghNo Comments

CHINA

Alibaba Founder Jack Ma will Step Down in 2019

With all the speculations regarding Alibaba’s Jack Ma’s expected retirement, the company announced today that its CEO, Daniel Zhang, will succeed Ma as chairman next year, exactly one year after on Sept 10, 2019. After resigning from the role of chairman next year, Ma will continue serving as a board member until its annual general shareholders’ meeting in 2020. Even after that, Ma will remain a lifetime partner of the Alibaba Partnership, or a group of 36 partners drawn from the senior management ranks of Alibaba Group companies and affiliates. "Under his stewardship, Alibaba has seen consistent and sustainable growth for 13 consecutive quarters... Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time," Ma said in a letter rel...

Alibaba’s Jack Ma to Step Down & Focus on Philanthropy

8Sep By Gauri SinghNo Comments

CHINA

Alibaba’s Jack Ma to Step Down & Focus on Philanthropy

Jack Ma, the founder of the largest Chinese e-commerce platform Alibaba Group is reportedly stepping down from the position of executive chairman of the company from Monday, marking the end of an era. However, one of the richest men in China, Jack Ma has stated that he will remain on Alibaba's board of directors. The primary motive of stepping down from his position is that he has planned to pursue philanthropy in education. “I love education,” he said. Ma planned to retire and is willing to dedicate more of his time and fortune to philanthropy with the creation of a foundation in his own name focused on education, following in the footsteps of billionaire Bill Gates. "There's a lot of things I can learn from Bill Gates," Jack Ma said. "I can never be as rich, but one thing I can do...

Mukesh Ambani Becomes Asia’s Richest Man, Defeats Jack Ma

14Jul By Gauri SinghNo Comments

News

Mukesh Ambani Becomes Asia’s Richest Man, Defeats Jack Ma

Mukesh Ambani, the chairman of Reliance Industries has achieved the position of Asia’s richest man, bringing down Alibaba’s Jack Ma to the second position. According to the reports, Ambani's estimated total wealth amounted to around $44.3 billion after Reliance shares rose 1.6%. The business tycoon added $4 billion to his wealth in 2018. On the other hand, Jack Ma lost $1.4 billion in the same year. The market valuation of the company raised powerfully over Rs 7 lakh crore mark during the morning trade on Friday. Reliance Industries crossed the $100 billion market capitalization mark, and this was its debut in the last 10 years. “We need to broaden our horizon of expectation with Reliance,” said Nitin Tiwari, a Mumbai-based analyst at Antique Stock Broking. “They are in for somethin...

Jack Ma Partners With Ganesh Ventures To Boost Investments

10Jul By Gauri SinghNo Comments

CHINA

Jack Ma Partners With Ganesh Ventures To Boost Investments

Jack Ma, the founder of Alibaba Group has entered into an association with a $250 million Chinese venture capital fund known as Ganesh Ventures. The idea behind this partnership is to create a strong and sturdy network among the Indian entrepreneurs and Chinese investors and entrepreneurs. Ganesh Ventures will stand as Jack Ma’s strategic partner in India. The India-focused fund has currently made its first close of $30 million. The funding was led by Jack Ma’s eWTP Ecosystem Fund and Hong Kong-based Landmark Capital. Ganesh Ventures will further build offices in Gurugram, Bengaluru, Hong Kong and Beijing. The company also intends to finalize half a dozen deals this year. Ganesh Ventures will also be eWTP’s strategic investment partner in India. The company, named after the elephant-...

Jack Ma’s Ant Financial to Raise $9B Ahead of IPO, Become World’s Biggest Unicorn

11Apr By Lavina TolaniNo Comments

Market

Jack Ma’s Ant Financial to Raise $9B Ahead of IPO, Become World’s Biggest Unicorn

Chinese billionaire Jack Ma's financial firm is all set to make it to the world's biggest companies. Alibaba Group Holding Ltd's derivate company, Ants Financial Group is preparing to raise $9 billion which is much above its expected IPO in a private funding round as per the sources. Being no stranger to funding, the company picked $4.5 billion Series B round in April 2016. Moreover, it has also made in some strategic acquisitions and investments to pave a way for greater financial benefits for itself. It has already acquired HelloPay and has made investments into Korea's Kakao Pay in February 2017. Company's recent attempt to acquire Moneygram early this year was knocked down by U.S government over security concerns.It's expected IPO valuation and newly earned revenue can give a muc...

Meituan Dianping Acquires Mobike for $ 2.7 Billion

5Apr By Sheldan RungasamyNo Comments

ACQUISITION

Meituan Dianping Acquires Mobike for $ 2.7 Billion

Meituan Dianping, a Chinese mobile internet company also operating a trading platform and local life information recently acquired Mobike for $2.7 billion. Tencent Holdings support both companies and the deal is likely to increase the competition between the holding company and the Alibaba Group as both companies go toe-to-toe in a fierce competition to maximize their reach on the Chinese market. Meituan announced the deal on Wednesday but did not want to reveal the amount paid for the acquisition. However, two anonymous sources told Reuters that Mobike was bought for $ 2.7 billion. The acquisition will see Meituan and Mobike merge their technology, operations, marketing and consumer service resources, a statement from Meituan affirmed. The mobile internet company also shared that Mo...

Ecommerce Giant Alibaba Sees India As ‘Very Important’

13Nov By PriyankaNo Comments

News

Ecommerce Giant Alibaba Sees India As ‘Very Important’

[dropcap]C[/dropcap]hinese e-commerce giant Alibaba's CEO Daniel Zhang said that their company sees India as a "very important" market, on occasion of the 11/11 Global Shopping Festival. “Globalisation is one of our key strategies for Alibaba. As part of this strategy, India is a very important topic. India is a very important market for us to look at,” said Daniel Zhang. “Before entering any new market, we ask ourselves how we can help the local market. For a market like India, the key aspect of our strategy is to help the local enterprises grow,” he added. It's biggest bet in India, which costed them an investment of $1.4 billion in the payments wallet, is something the company is "happy" about. Also Recommended Uber Locks On Multibillion Dollar Deal With Japanese SoftBan...