Most read Stories
How Kenny Kunene Got Rich from be
Limpopo's Teacher Chose To Become
How Jabu Stone founded the hair b
Lebo Gunguluza on his journey to
who is DJ Sbu -Behind the scenes
Millionaire At The Age Of 14 Give

Calendar events for February 2018
MoTuWeThFrSaSu
      
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
     
  Add Events Here


Jack Ma - Chinese Billionaire And Founder Of Alibaba Group

Wednesday, August 09,2017
Published by Jackson Mathebula
Share on   FaceBook  

Ma Yun known professionally as Jack Ma, is a Chinese business magnate who is the founder and executive chairman of Alibaba Group, a family of Internet-based businesses. He is currently the 2nd richest person in Asia with a net worth of US$36.4 billion after being overtaken by Ma Huateng, as of August 2017.  He has become a global icon in business and entrepreneurship, one of the world's most influential businessmen, and a philanthropist known for expounding his philosophy of business.   He was ranked 2nd in Fortune's 2017 "World's 50 Greatest Leaders" list.

Jack Ma applied for 30 different jobs and got rejected by all. "I went for a job with the police; they said, 'you're no good,'" Ma told interviewer Charlie Rose. "I even went to KFC when it came to my city. Twenty-four people went for the job. Twenty-three were accepted. I was the only guy. In addition he applied 10 times for Harvard and got rejected.
File:Davos 2017 - An Insight, An Idea with Jack Ma.webmPlay media
Jack Ma on the future of online trade and globalization at World Economic Forum

In 1994, Ma heard about the Internet. In early 1995, he went to the US and with his friends' help he got introduced to the Internet. During his first encounter he searched the word "beer". Although he found information related to beer from many countries, he was surprised to find none from China. Further, he 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. He launched the website at 9:40 AM and by 12:30 PM he had received emails from some Chinese wishing to know about him. This is when Ma realized that the Internet had something great to offer. In April 1995, Ma, his wife and a friend went around, asked for USD 20,000, and started their first company. Their company was dedicated to creating websites for companies. He named their company "China Yellow Pages." Within three years, his company had made 5,000,000 Chinese Yuan which was equivalent to USD 800,000.

Ma began building websites for Chinese companies with the help of friends in the US. He has said that "the day we got connected to the Web, I invited friends and TV people over to my house," and on a very slow dial-up connection, "we waited three and a half hours and got half a page.... We drank, watched TV and played cards, waiting. But I was so proud. I proved (to my house guests that) the Internet existed." (At a conference in 2010, Ma revealed that he has never actually written a line of code nor made one sale to a customer. He acquired a computer for the first time at the age of 33.

From 1998 to 1999, Ma headed an information technology company established by the China International Electronic Commerce Center, a department of the Ministry of Foreign Trade and Economic Cooperation. In 1999, he quit and returned to Hangzhou with his team to found Alibaba, a China-based business-to-business marketplace site in his apartment with a group of 18 friends. He started a new round of venture development with 500,000 yuan.

In October 1999 and January 2000, Alibaba twice won a total of a $25 million foreign venture capital investment. 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. Ma wanted to improve the global e-commerce system and from 2003 he founded Taobao Marketplace, Alipay, Ali Mama and Lynx. After the rapid rise of Taobao, eBay offered to purchase the company. However, Ma rejected their offer, instead garnering support from Yahoo co-founder Jerry Yang with a $1 billion investment.

In September 2014 it was reported Alibaba was raising over $25 billion in an initial public offering (IPO) on the New York Stock Exchange. Alibaba became one of the most valuable tech companies in the world after raising $25 billion, the largest initial public offering in US financial history. Ma now serves as executive chairman of Alibaba Group, which is a holding company with nine major subsidiaries: Alibaba.com, Taobao Marketplace, Tmall, eTao, Alibaba Cloud Computing, Juhuasuan, 1688.com, AliExpress.com and Alipay.

In November 2012, Alibaba's online transaction volume exceeded one trillion yuan. Ma was thus labeled "trillion Hou", meaning literally "Trillion Yuan Marquis" in Chinese.

Ma has often been invited to lecture at universities such as the Wharton School at the University of Pennsylvania, Massachusetts Institute of Technology, Harvard University, and Peking University.

As of 2016, Ma is the owner of Château de Sours in Bordeaux, Chateau Guerry in Côtes de Bourg and Château Perenne in Blaye, Côtes de Bordeaux.

2 Months ago 

More News to Read
General News

Lawrence Page Billionaire and Co-Founder of Google

Meet Michael Birch - founder of BEBO

How Kenny Kunene Got Rich from being a convict

Ma Huateng - China's Billionaire behind -Tencent
Entertainment

who is DJ Sbu -Behind the scenes
Business

Lebo Gunguluza on his journey to become a Billionnaire (Biography)

Walt Disney Founder of The Walt Disney Company

Larry Ellison Founder of Oracle Corporation

Isaac Mophatlane the co Founder of IT Company - Business Connexion
Politics

SA's Elon Musk is taking over the world (biography)


 Leave your Comment
Full Name:
 
To comment, Delete this text

Share this Post on   FaceBook