Jack Ma is NOT Retiring! Will Remain Alibaba's Executive Chairman Even After His 54th Birthday, Clarifies Company Spokesman

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The 10th edition of the Global Shopping Festival 11.11, which is also called 'Double 11' event as it falls on November 11, kicked off on Saturday midnight providing huge discounts on goods ranging from diapers to mobile phones.

Jack Ma, Alibaba Group Holding Ltd's co-founder and its incumbent chairman, whose news of retiring took the world by surprise, will remain as executive chairman of the company and in fact will unveil a succession plan on Monday, which also happens to be his 54th birthday, reported the South China Morning Post on Saturday. The report cited a company spokesman as the source of the information. Jack Ma, Co-Founder of $420 Billion Alibaba Group, Set to Retire on Monday.

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Earlier, news of Jack Ma, China's richest man and co-founder of Alibaba Group stepping down as an Executive Chairman of Alibaba on Monday took the world of business by surprise. Jack Ma announced his retirement in an interview to The New York Times and said that he will focus his time towards education.

The 54-year old former English Teacher decided to bid goodbye to the company on the Monday, which is coincidentally Chinese Teachers Day. Jack Ma referred his retirement as beginning of an era rather than an end.

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However, Jack Ma may be the wealthiest man in whole of China, but he says there's no time for him to spend that money and that's a big downside of being so rich. So how rich is Jack Ma?? Let's estimate his net worth. Alibaba & Reliance Retail Mega Joint Venture on the Cards; Likely to Make $5 Billion Investment.

According to the report from Forbes, Jack Ma's real-time net worth is about $36.6 Billion as of August 8, 2018. The 54-year former English teacher also owns a penthouse in Hong Kong which is worth $36 million, reported Bloomberg.

Jack Ma also loves to ride in style that is the reason he has huge collection of exotic and attractive cars in his garage. As per the media reports, he owns BMW 7-series, Maybach 62S, Roewe RX5 SUV and much more. He also owns a private jet - Gulfstream 550, which costs around $61.5 million (approximately Rs 396 crore). The 19-seater private jet is a high speed aircraft with conference rooms.