Jack Ma, who disappeared from public view in 2020, just accepted a teaching position in Japan. Here's how the Alibaba and Ant Group founder got started and amassed a huge fortune.
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Jack Ma, the billionaire founder of Alibaba and Ant Group, accepted a teaching role in Japan.
Ant Group said Ma would give up control of the fintech company amid closer scrutiny from Beijing.
He grew up poor and faced multiple job rejections but amassed billions. Here's a look at Ma's life.
Alibaba and Ant Group founder Jack Ma, who disappeared from public view in 2020 and resurfaced in Thailand in January, has accepted a teaching role in Japan.
Ma is expected to conduct research on sustainable agriculture and food production, Tokyo College said in an announcement on May 1.
Jay Fai restaurant in Bangkok, Thailand, posted a photo of Ma when he resurfaced. The caption read: "Incredibly humble, we are honored to welcome you and your family to Jay Fai's."
The billionaire faced a crackdown from Chinese regulators in 2020 that resulted in an antitrust investigation, a suspended IPO, and Ma losing $12 billion of his fortune in just a few months.
The billionaire has reportedly been laying low amid intense scrutiny. His net worth is now estimated to be $33 billion, per Bloomberg Billionaires Index.
This isn't Ma's first rodeo facing difficulties, however. He 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.
Here's how Ma got his start and made his fortune.
Jillian D'Onfro, Charles Clark, and Taylor Nicole Rogers contributed to an earlier version of this post.
Jack Ma — born Ma Yun — was born on September 10, 1964, in Hangzhou, southeastern China. He has an older brother and a younger sister.
Source: 60 Minutes, USA Today
He and his siblings grew up at a time when communist China was increasingly isolated from the West, and his family didn't have much money when they were young.
Source: 60 Minutes, USA Today
Ma was scrawny and often got into fights with classmates. "I was never afraid of opponents who were bigger than I," he recalls in "Alibaba," a book by Liu Shiying and Martha Avery.
Source: USA Today, Business Insider
As a kid, Ma liked collecting crickets and making them fight, and was able to distinguish the size and type of cricket just by the sound it made.
Source: USA Today, Business Insider
After President Nixon visited Hangzhou in 1972, Ma's hometown became a tourist destination. As a teenager, Ma started waking up early to visit the city's main hotel, offering visitors tours of the city in exchange for English lessons. The nickname "Jack" was given to him by a tourist he befriended.
Source: 60 Minutes
After high school, he applied to go to college — but failed the entrance exam twice. He finally passed on the third try, going on to attend Hangzhou Teachers Institute. He graduated in 1988 and started applying to as many jobs as he could.
Source: 60 Minutes
He received more than a dozen rejections — including from KFC — before being hired as an English teacher. Ma was a natural with his students and loved his job — though he only made $12 a month at a local university.
Source: Business Insider
At the World Economic Forum in 2016, Ma revealed he has been rejected from Harvard — 10 times.
Source: Business Insider
Ma had no experience with computers or coding, but he was captivated by the internet when he used it for the first time during a trip to the US in 1995. He had recently started a translation business and made the trip to help a Chinese firm recover a payment. Ma's first online search was "beer," but he was surprised to find that no Chinese beers turned up in the results. It was then that he decided to found an internet company for China.
Source: Business Insider, USA Today
Though his first two ventures failed, four years later, he gathered 17 of his friends in his apartment and convinced them to invest in his vision for an online marketplace he called "Alibaba." The site allowed exporters to post product listings that customers could buy directly.
Source: Business Insider, 60 Minutes
Soon, the service started to attract members from all over the world. By October 1999, the company had raised $5 million from Goldman Sachs and $20 million from SoftBank, a Japanese telecom company that also invests in technology companies. The team remained close-knit and scrappy. "We will make it because we are young and we never, never give up," Ma said to a gathering of employees.
Source: Business Insider
He was known for maintaining a sense of fun at Alibaba. In the early 2000s, when the company decided to start Taobao, its eBay competitor, he had his team do handstands during breaks to keep their energy levels up.
Source: Business Insider
When the company first became profitable, Ma gave each employee a can of Silly String to go wild with.
Source: Business Insider
In 2005, Yahoo invested $1 billion in Alibaba in exchange for about a 40% stake in the company. This was huge for Alibaba — at the time it was trying to beat eBay in China — and it would eventually be an enormous win for Yahoo too, netting it $10 billion in Alibaba's IPO alone.
Source: TechCrunch
In 2014, Ma told Bloomberg he knew Alibaba had made it big when another customer offered to pay his restaurant bill. The customer, Ma said in the interview, had left Ma a note that read: "I'm your customer of Alibaba group, I made a lot of money and I know you don't make any money. I'll pay the bill for you."
Source: Business Insider
Ma stepped down from his post as CEO in 2013, staying on as executive chairman.
Source: Tech Crunch
Alibaba went public on September 19, 2014. "Today what we got is not money. What we got is the trust from the people," Ma told CNBC at the time.
The company's $150 billion IPO was the largest offering for a US-listed company in the history of the New York Stock Exchange. It also made Ma the richest person in China, with an estimated worth of $25 billion at the time.
Source: Bloomberg
Ma's fortune comes from his 4.2% stake in Alibaba and a 10% stake in payment-processing service Alipay, which rebranded to Ant Group in 2014.
Source: Bloomberg
Alibaba employees threw a big party at the company's Hangzhou headquarters to celebrate the IPO. One employee even took the party as the perfect opportunity to propose. Ma told employees at a press conference that he hopes they use their newfound wealth to become "a batch of genuinely noble people, a batch of people who are able to help others, and who are kind and happy."
The biggest day in the calendar for Alibaba is China's "Singles' Day" — a retaliation to Valentine's Day — which supposedly celebrates the country's singletons. In 2016, the site recorded nearly $20 billion in sales in 24 hours.
Source: CNBC
In 2020, the total value of Alibaba orders placed on Singles' Day topped $56 billion.
Source: CNBC
Alibaba's success may have made Ma an extremely wealthy man, but he has made very few flashy purchases, and he still has some pretty modest hobbies. "I don't think he has changed much, he is still that old style," Xiao-Ping Chen, a friend of Ma, told USA Today. He likes reading and writing kung fu fiction, playing poker, meditating, and practicing tai chi.
Source: USA Today
His big splurge was a vineyard and a chateau in Bordeaux, France, in 2016.
In March 2013, Alibaba spent a reported $49.7 million on a Gulfstream G550, mostly for Ma's use.
Source: China Daily
One of his greatest passions is the environment. According to Fortune, Ma developed an interest in environmentalism when a member of his wife's family became sick with an illness that Ma suspected was caused by pollution. He sits on the global board of The Nature Conservancy and spoke during a session of the Clinton Global Initiative in 2015. He has also, according to Fortune, been instrumental in funding a 27,000-acre nature reserve in China.
Source: Fortune
Ma has largely kept his family life out of the spotlight. He married Zhang Ying, a teacher he met at school, after they graduated in the late 1980s. They have two children — a daughter and a son.
Source: Bloomberg
In 2017, Ma made headlines after meeting President Donald Trump. Despite Trump's protectionist attitude towards trade, Ma said China and the United States were not about to be drawn into a trade war. "Give Trump some time. He's open-minded," Ma told a panel at the World Economic Forum in January 2017.
Source: Business Insider
Ma is something of a celebrity in China, and crowds of people show up to listen to him speak. The company also hosts annual talent shows, and Ma is a natural entertainer. At a company anniversary event, he dressed up as a punk rocker for a performance in front of 20,000 Alibaba employees.
Source: 60 Minutes
Company lore has it that Ma came up with the name "Alibaba" while sitting in a San Francisco coffee shop. In "Ali Baba and the Forty Thieves," a secret password unlocks a trove filled with unbelievable riches. Ma's company has, in a way, revealed the potential of small and mid-sized businesses across the globe.
Source: Entrepreneur
Ma stepped down as Alibaba's chairman on September 10, 2019, his 55th birthday. The company threw him a farewell party in an 80,000-seat stadium in Hangzhou, and Ma performed with other Alibaba executives.
Source: Business Insider
Ma picked Daniel Zhang, who has been the CEO of Alibaba since 2015, to replace him as chairman. According to CNN Business, Ma decided to pivot to full-time philanthropy.
Source: Business Insider, CNN Business
When the coronavirus pandemic brought the world to a halt in March 2020, Ma sourced and shipped N95 face masks and COVID-19 testing kits to over 100 countries dealing with shortages, including the US.
Source: Business Insider
In May 2021, SoftBank announced that Ma would resign from the troubled investment fund's board of directors.
"Stepping down from SoftBank Group's Board, I believe, and he said to me actually, was something that he decided on his own," SoftBank CEO Masayoshi Son said during the firm's earnings announcement. "That's sad, but we still keep in contact directly and right before the COVID-19, we met face-to-face every month to have dinner, to talk about businesses, to talk about lives. And we will remain friends for the rest of our life, I believe."
Source: Business Insider
In October 2021, Ma made headlines again in relation to Ant Group's highly anticipated IPO. Ant Group was expected to raise $37 billion with a valuation reportedly surpassing $300 billion. But then, Ma publicly snubbed China's financial regulatory system, calling it 'an old people's club.'
Source: Business Insider
Soon after, regulators introduced new online lending rules that directly impacted Ant's business. Officials then said there were "major issues" with Ant's listing, and by November, the IPO was suspended.
Source: Business Insider
Once China's richest man, Ma's net worth has fallen by more than $25 billion since he disappeared from public view, according to the Bloomberg Billionaires Index. His net worth is now estimated at $34.1 billion, making him China's ninth-richest person.
Chinese regulators opened an antitrust investigation into Alibaba in December 2020, yet another crackdown on Ma's empire.
Source: Business Insider
In January 2021, Yahoo Finance reported that Ma hadn't been seen publicly in more than two months and had been replaced as a judge on the TV talent show he founded, which raised the question of whether Ma had gone missing.
Source: Business Insider, Yahoo Finance
Ma's absence mirrored similar situations where Chinese businessmen had disappeared after battling with regulators, but multiple sources said that Ma was not missing — he was simply "laying low" amid the government scrutiny and new regulations.
Source: Business Insider, Business Insider
Ma appeared to resurface in Thailand in January after Jay Fai restaurant in Bangkok, Thailand, posted a photo of him on Instagram. The caption read: "Incredibly humble, we are honored to welcome you and your family to Jay Fai's."
Source: Insider
His reappearance came as Ant Group said it was streamlining voting rights to prevent any one shareholder from having a controlling vote.
Source: Insider
On May 1, Ma accepted a teaching role at Tokyo College and is expected to conduct research on sustainable agriculture and food production.
Read the original article on Business Insider
