• Alibaba cofounder Jack Ma announced that he would step down as the company's chairman on his 55th birthday September 10th, Business Insider previously reported.
  • A former teacher, Ma said in May that he would return to the classroom upon his retirement from Alibaba.
  • Ma faced criticism after calling President Trump "open-minded" and saying that "China and US will never have a trade war" in 2017, Business Insider previously reported.
  • Ma is the richest person in China with a net worth of $38.5 billion, according to Forbes .

A new chapter is about to unfold in the incredible rags-to-riches story of China's richest man.

Alibaba cofounder Jack Ma will step down as the online marketplace's chairman on September 10, he announced September 9. The date is Ma's retirement is also his 55th birthday.

Ma grew up poor in communist China, failed his university entrance exam twice, and was rejected from dozens of jobs, including one at KFC, before finding success with his third internet company, Alibaba.

Keep reading to learn more about how Jack Ma made his fortune.

Jillian D'onfro contributed to an earlier version of this post.

See the rest of the story at Business Insider

See Also:

DON'T MISS: The investment firm founded by Hong Kong's richest man, Li Ka-shing, just bought the biggest pub and brewery chain group in the UK here's his incredible rags-to-riches life story

SEE ALSO: How self-made billionaire Jack Ma used charisma and masterful speaking skills to build the Alibaba empire