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Jack Ma resigns today as chairman of Alibaba after he founded the e-commerce giant 20 years ago. He sees a Michael Jackson-inspired dance routine perform for his 40,000 employees during the company's 18th birthday in September 2017
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As the richest man in China, retirement is no small problem.

Without worrying about pensions or paying bills, Jack Ma, the 55-year-old founder of Alibaba, held an extravagant party in an Olympic stadium on the occasion of the memorable day.

Thousands of his employees cheered him on, a carnival-like parade was performed for him, and Chinese celebrities performed for him in his hometown of Hangzhou.

Jack Ma resigns today as chairman of Alibaba after he founded the e-commerce giant 20 years ago. He sees a Michael Jackson-inspired dance routine perform for his 40,000 employees during the company's 18th birthday in September 2017

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Jack Ma resigns today as chairman of Alibaba after he founded the e-commerce giant 20 years ago. He sees a Michael Jackson-inspired dance routine perform for his 40,000 employees during the company's 18th birthday in September 2017

The home-made tycoon, which, according to Forbes, is now worth $ 38.6 billion (£ 31.3 billion), resigns today as president of Alibaba after setting up the e-commerce giant with $ 60,000 (£ 45,000) twenty years ago .

The move, which took place on his 55th birthday, is part of Ma & # 39; s life plan announced a year ago.

Today is also the Teachers' Day in China, which has a special meaning for the magnate that an English teacher used.

Ma & # 39; s retirement was celebrated with a big bash at the Olympic Sports Center of Hangzhou, a glitzy stadium that can seat 80,000 people in Zhejiang Province in eastern China.

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Guests for the flamboyant occasion are his staff, investors, and some of the country's most popular singers, including Li Yuchun and Pu Shu. All gathered to honor Ma & # 39; s extraordinary achievement.

Imagery a social rehearsal of the party seems to be recorded on social media. The clip shows the stadium filled with tens of thousands of Alibaba employees. It also shows a running parade with colorful floats.

Ma was quoted said at the party: & # 39; Resigning as chairman of Alibaba does not mean that I am retired. I won't stop. Alibaba is just one of my many dreams.

& # 39; I think I am very young. There are many places that I would like to see and (things) that I would like to try. & # 39;

Ma was once a teacher with money, but the road to success has become an inspiring and legendary story for millions of Chinese

Ma was once a teacher with money, but the road to success has become an inspiring and legendary story for millions of Chinese

He will spend his time on philanthropy after his retirement

He will spend his time on philanthropy after his retirement

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Ma was once a teacher with money, but the road to success has become an inspiring and legendary story for millions of Chinese. He will spend his time on philanthropy after his retirement

His company Alibaba has become the largest e-commerce company in the world

His company Alibaba has become the largest e-commerce company in the world

His company Alibaba has become the largest e-commerce company in the world

Ma is a very popular boss among his employees who regards him as a superstar in itself.

Another video on the social media of China, the manager shows yesterday surrounded and praised by hundreds of his employees when he visited the company headquarters in Hangzhou on his last working day.

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He is also known for his humor and open mind.

At the annual celebration of his company two years ago, the billionaire surprised his 40,000 employees by imitating the dance moves from Michael Jackson to Billie Jean.

At a group wedding in May, he also joked that his newlywed employees should have sex marathons with their partner six times in six days.

His extravagant retirement ceremony also marked the 20th anniversary of the founding of Alibaba.

Ma celebrated his retirement with a big party at the Olympic Sports Center in Hangzhou (photo)

Ma celebrated his retirement with a big party at the Olympic Sports Center in Hangzhou (photo)

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Ma celebrated his retirement with a big party at the Olympic Sports Center in Hangzhou (photo)

The Chinese singer Pu Shu performs at the opening ceremony of Chongqing Beer and Art Festival on July 27, 2006

The Chinese singer Pu Shu performs at the opening ceremony of Chongqing Beer and Art Festival on July 27, 2006

Chinese singer Li Yuchun attends the & # 39; Okja & # 39; screening during the 70th annual Cannes Film Festival at Palais des Festivals on May 19, 2017

Chinese singer Li Yuchun attends the & # 39; Okja & # 39; screening during the 70th annual Cannes Film Festival at Palais des Festivals on May 19, 2017

Chinese singers Pu Shu (left) and Li Yuchun (right) are said to be one of the celebrities performing for Jack Ma during his retirement party at the Hangzhou Olympic Sports Center

From a small retail company that left Ma's apartment two decades ago, Alibaba has grown to become the world's largest e-commerce company.

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The company reported $ 16.7 billion (£ 13.5 billion) revenue and $ 3.1 billion (£ 2.5 billion) profit in the second quarter of this year.

Ma has appointed 47-year-old Daniel Zhang, the company's current CEO and a permanent employee, as his successor.

But he remains as a member of the Alibaba Partnership, a 36-person group with the right to appoint the majority of the company's board of directors.

He will spend most of his time on philanthropy with a focus on education.

Ma was once a cash teacher, but the road to success has become an inspiring and legendary story for millions of Chinese people and announced the boom of online retailing.

Who is Jack Ma? The richest Chinese person on earth

Alibaba Group Jack Ma founder and chairman can be seen at the & # 39; Ma Yun Rural Teachers and Headmasters Prize & # 39; on January 13, 2019 in Sanya, China
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Alibaba Group Jack Ma founder and chairman can be seen at the & # 39; Ma Yun Rural Teachers and Headmasters Prize & # 39; on January 13, 2019 in Sanya, China

Alibaba Group Jack Ma founder and chairman can be seen at the & # 39; Ma Yun Rural Teachers and Headmasters Prize & # 39; on January 13, 2019 in Sanya, China

Jack Ma was a Chinese entrepreneur with a cash and former English teacher when he convinced friends to give him $ 60,000 (£ 45,000) to start a Chinese e-commerce company called Alibaba in 1999.

Two decades later, Alibaba is an internet juggernaut and Ma is one of the richest men in the world.

Alibaba Group includes Tmall.com for business-to-business transactions and Taobao, China's most popular online consumer market with hundreds of millions of products and services listed.

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The company has now become a player in online payments and films and invests in a whole range of businesses, including physical stores, cloud computing, meal delivery and advertising.

It owns a share in China's hugely popular Twitter-like Weibo platform and in 2015 purchased the South China Morning Post newspaper.

Ma, whose Chinese name is Ma Yun (马云), has often described himself as something about a casual entrepreneur who gave up his university education for the bustle of trade after he discovered the internet.

When he saw an opportunity for small businesses to buy and sell their goods online, he started Alibaba and initially ran the business out of his apartment in the eastern city of Hangzhou, where the company's headquarters are located.

He has inspired a strong commitment among his employees and users and made comparisons with Steve Jobs, Steve's co-founder, although he has a more open management style.

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He is one of the most colorful of the growing billionaire police officer in China, performing a Michael Jackson-inspired dance routine during the company's 18-year anniversary celebration in 2017, and playing the lead role in his own kung fu short film.

Last September the tycoon announced its plan for a gradual retirement in 2019 to devote its time to philanthropy focused on education.

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