Inside Jack Ma's 60,000-person retirement party, which was held in an Olympic stadium and featured employee performances that made Ma cry

Taylor Nicole Rogers

September 11, 2019 1:16 PM

Courtesy of Alibaba

The event was held in the city where Alibaba was founded 20 years ago, at the Hangzhou Olympic Sports Center.

Alibaba threw its cofounder and outgoing chairman Jack Ma a four-hour, 60,000-person going away party at the Hangzhou Olympic Sports Center, the Wall Street Journal reported.
Ma has a reputation for being extravagant, Business Insider previously reported.
The former chairman will be replaced by CEO Daniel Zhang and previously said that after retiring, he wants to return to teaching.
Jack Ma, the richest person in China, has a net worth of $38 billion .

Outgoing Alibaba chairman Jack Ma is known for being flamboyant, and his retirement party from the online marketplace proved to be no different.

The occasion, officially billed as Alibaba's 20th-anniversary party, was held in an 80,000-seat arena and lasted for hours, Reuters reported.

"This is not the end of Jack Ma," Ma said to the crowd at the event, according to the Wall Street Journal . "This is just the beginning of passing down a heritage."

Ma, a former English teacher, founded Alibaba 20 years ago from his apartment in Hangzhou, Business Insider previously reported. Ma is now the richest person in China and has a net worth of $38 billion .

Keep reading for a look inside the massive anniversary celebration.

See the rest of the story at Business Insider