The executive chairman of Chinese e-commerce giant Alibaba, Jack Ma, retired on Tuesday... 20 years after co-founding the firm.<br />He's also known as China's richest man with a net worth of almost 40-billion U.S. dollars.<br />For more on this and other news around the world, let's turn to our Kim Da-mi.<br />Da-mi, tell us more.<br />Connyoung, like you said China's richest man Jack Ma has stepped down as executive chairman of Alibaba.<br />Ma gave up his post at the company's 20th anniversary in Hangzhou on Tuesday, which also happened to be his 55th birthday.<br />Grand farewells at an Olympic-sized stadium celebrated his retirement.<br />Like Ma already announced last year, Daniel Zhang, currently Alibaba's chief executive, will take over Ma's role.<br />Ma plans to put his vast fortune into philanthropic efforts for education.<br />He will remain as a board member of Alibaba with a six percent share in the company.<br />While noting his retirement as iconic, Reuters analyzed that Ma's retirement is part of the Chinese government's efforts to expand its control over IT entrepreneurs.<br />Two decades ago, he co-founded the e-commerce giant with 17 colleagues in an apartment in Hangzhou.<br />Over the years, Alibaba has grown from an online marketplace into a 460-billion U.S. dollar business.<br />
