Jack Ma was born on 15 Oct 1964. He was born in Hangzhou located in China.He grew up at the time when communist China was increasingly isolated from thewest. He and his family didn’t have much money when they were young.
Jack Ma was scrawny. He often got into fights with classmates. He said, “I was never afraid of opponents who were bigger than I” He recalls in “Alibaba” A book by Martha Avery & Liu Shiying. Jack Ma still have hobbits like kids. Just like collecting crickets, and making them fight. And was able to distinguish the size type of cricket just by the sound it made.
Without money or connection, the only way to get success in life, Jack Ma could get ahead only through education. After high school Jack Ma applied for college. But he failed the examination twice. After a great deal of studying, 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.
He received more than a dozen rejections. He also rejected from KFC, before hired as an English teacher.
Jack Ma was totally natural with his Students and he loved his job by which he made $12 in a month at a local university.
At the World Economic Forum in 2016, Jack Ma revealed he has even been rejected from Harvard10 times!
Jack Ma had no experience with computers coding, but he was captivated by the internet with its first time used during a trip to the United States in 1995.Ma’s first online search was “beer” but he was disappointed to find that no Chinese beers appears in the results. It was then that he decided to found an internet company for China. He had recently started a translation business and made the trip to help a Chinese firm recover a payment
After four years of his two ventures failure. Jack Ma invited 17 of his friends in his apartment and convinced them to invest on dream project for online market place which he called “Alibaba”. This site is online market in which exporters post their products and the customers can buy them directly.
Soon, this site gone popular 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.
Ma said to a gathering of employees.
“We will make it because we are young and we never, never give up,”
In 2005, Yahoo invested 1 billion US dollars 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.
In 2013 Jack Ma stepped down from his post as CEO, staying on as executive chairman. Alibaba went public September 19 2014.
Jack Ma told CNBC.
“Today what we got is not money. What we got is the trust from the people,”
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 man in China, with an estimated worth of $25 billion. However, he has since been dethroned by property and entertainment mogul, Wang Jianlin.
Alibaba employees threw a big party at the company’s Hangzhou headquarters to celebrate. 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 $18 billion in sales in 24 hours.
The IPO 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.
In March 2013, Alibaba spent a reported $49.7 million on a Gulfstream G550, mostly for Jack Ma’s use.
One of his greatest passions is the environment. 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’s also been instrumental in funding a 27,000-acre nature reserve in China.
Ma has largely kept his family life out of the spotlight. He married ZhangYing, a teacher whom he met at school, after they graduated in the late 1980s.”[He] is not a handsome man, but I fell for him because he can do a lot ofthings handsome men cannot do,” Zhang has said. They have two children –a daughter and a son.
Ma most recently made headlines after meeting President Donald Trump. Despite Trump’s protectionist attitude towards trade, Jack Ma said China and the United States are not about to be drawn into a trade war. “Give Trump some time. He’s open minded,” Ma told a panel at Davos in January.
Ma is something of a celebrity in China, and crowds of people show up to listen to him speak.
Alibaba hosts talent show every year annually on the company anniversary and Jack Ma is a natural entertainer. He dress’s up a punk rocker and perform in front of 20,000 Alibaba employees.
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.