- 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.
- Here are all the ultra-wealthy people spotted at Burning Man in 2019, from Ray Dalio in a tie-dye fur coat to mostly naked Victoria's Secret models
- The Ritz-Carlton and Four Seasons are opening up luxury condos where the ultra-wealthy can live year-round, and it basically looks like a very extended hotel stay minus the tourists
- The tiniest apartment in San Francisco is just 161 square feet and will cost you over $2,200 a month here's a look inside