There was a report of The New York Times that co-founder and chairman of Alibaba Group Jack Ma is taking retirement on his 54th birthday. But now the company spokesperson dismissed the news of the New York Times saying that this news is factually incorrect and different from context.

Alibaba co-founder and Chairman Jack Ma announces retirement on Newyork Times

A company spokesperson's response was published in the Alibaba-owned newspaper SCMP (South China Morning post) according to which, the world-famous billionaire will revel his succession plan on his birthday and will remain chairman in the near future. Now, it is clear that Jack Ma is not retiring rather will announce the succession plans on Monday.

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Jack Ma was Born in a poor family in Hangzhou, China and has worked teacher of English. When introduced to the internet revolution in the 1990s, he decided to quit his job and start his business. Jack Ma persuaded his friends to raise him $ 60,000 and started online marketplace Alibaba. He became CEO of the company in 2013. 

According to Forbes Magazine, Jack Ma is the richest person in China. His property is worth $ 38.6 billion. His company Alibaba has already spread its network in digital media, entertainment, cloud computing and various types of business. In the quarter ended June this year, their turnover increased by 61%.