Alibaba co-founder Jack Ma announces retirement
New York, Sep 8 : Jack Ma, Alibabas co-founder and executive chairman, has said that he plans to step down from the Chinese e-commerce giant on Monday to pursue philanthropy in education, a changing of the guard for the $420 billion internet company.
In an exclusive New York Times interview, the Chinese billionaire said on Friday that his retirement was not the end of an era but "the beginning of an era".
"I love education," the Chinese billionaire said, adding that he would be spending more of his time and fortune focused on education.
A former English teacher, Ma co-founded Alibaba with 17 others out of his apartment in Hangzhou, Zhejiang province, in 1999.
He built it into one of the world's most consequential e-commerce and digital payments companies, transforming how Chinese people shop and pay for things which fueled his net worth to more than $40 billion, making him China's richest man.
Ma is revered by many Chinese, some of whom have put his portrait in their homes to worship in the same way that they worship the God of Wealth.
Ma will remain on Alibaba's board of directors and continue to mentor the company's management. He will turn 54 on Monday, which is also a holiday in China known as Teacher's Day.
The retirement makes Ma one of the first founders among a generation of prominent Chinese internet entrepreneurs to step down from their companies.
Firms including Alibaba, Tencent, Baidu and JD.com have flourished in recent years, growing to nearly rival American internet behemoths like Amazon and Google in their size, scope and ambition.
Last month, Alibaba reported a 60 per cent increase in quarterly sales, even as profits fell. The company's annual revenue totals about 250 billion yuan ($40 billion).
For Chinese tycoons to step aside in their 50s is rare; they usually remain at the top of their organisations for many years.
In an interview earlier this week, Ma had signaled that he was thinking about focusing more on philanthropy. He cited the Microsoft co-founder and philanthropist Bill Gates as an example.
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Two Delhi men held for BMTC bus phone thefts in Bengaluru
Bengaluru: Whitefield police have arrested two men from Delhi for allegedly stealing mobile phones from passengers travelling in Bengaluru Metropolitan Transport Corporation (BMTC) buses and solved 14 theft cases, officials said on Tuesday.
The arrested accused have been identified as Jai Chand (25), who worked at a hotel in Delhi, and Tarun (34), an autorickshaw driver in Delhi.
Officials said on January 24, a Mahadevapura resident lodged a complaint that his iPhone 15 Plus was stolen while he was travelling on a BMTC bus towards Whitefield.
Based on the complaint, police registered a case and arrested two suspects within an hour near a lodge on Hosa Road. During the arrest, the police found a bag containing several stolen mobile phones.
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“During interrogation, the suspects confessed that they were stealing mobile phones from passengers travelling in BMTC buses. They had also committed thefts during a concert held under the Channarayapatna police station limits on January 23,” the police said.
Investigations revealed that the accused had travelled from Delhi for the concert and stolen mobile phones from the audience. A third suspect is at large and is likely hiding in the Shahdara area of Delhi.
One of the victims, a YouTuber, raised the theft issue in February in a post on X.
“Here is my (FIR No 0013/2026 is registered in Channarayapatana PS. Your GSC No. is PO1814260100013) request @DelhiPolice @BlrCityPolice to plz look into this & get my device back since it's my work phone & I am a youtuber, all my data is there! someone plz help. @dcpwhitefield,” Anirban Sarkar posted on X on February 6.
Police have recovered 14 mobile phones of various brands, collectively valued at about Rs 9 lakh, from the accused. The two were produced before the court and remanded in judicial custody.
In total, one case from Whitefield and 13 from Channarayapatna police stations were detected. Further investigation is underway.
