Echo Buzz: The Fall of an Empire- What Happened to Jack Ma?
In China, Jack Ma is synonymous with success. The former english teacher turned internet entrepreneur was the country’s richest person. $61.7Billion. That was Jack Ma’s estimated net worth according to Forbes. He topped Forbes China’s rich list for 2020 and ranked number 17 in the global Billionaires list for 2020. Ma co-founded the behemoth Alibaba group, a multinational technology conglomerate and also China’s largest company, in 1999. It is the closest thing Amazon has to peer and rival. Besides that, Ma created Alipay, a third party mobile and online payment platform in 2003. Growth of Alipay was rapid. In 2005, it attracted the American Internet portal, Yahoo!, which bought a 40% stake. In 2007, Alibaba.com raised $1.7 billion dollars in its initial public offering (IPO) in Hong Kong. Not long later, Ma created Ant group, which serves as a parent group of Alipay and other financial services. In 2020, it was scheduled for an IPO.