There is no denying that Alibaba is a significant and expanding success in e-commerce. Who is the founder of Alibaba? How did the business take off and leap to previously unheard-of commercial heights?
Who is the founder of Alibaba and why he succeeded?
Technically speaking, Alibaba (BABA) was established in December 1999 by former teacher Jack Ma, who led a team of 18 IT pioneers with the primary objective of utilizing the potential of the wholesale internet marketplace.
The founders worked out Ma’s practical idea of a China-based e-commerce business that could efficiently and promptly deliver to the nation’s 730 million internet users. Ma had initially outlined his own goals for the business.
Who is the founder of Alibaba?
Ma, who was born in Hangzhou on September 10, 1964, first wanted to teach English since there was a growing demand for the language among Chinese consumers with a focus on capitalism.
Ma ultimately did get a job teaching, but it wasn’t for very long. He switched to a profession in business and, after being denied a position as a manager at Kentucky Fried Chicken in China, he left for the United States with the goal of enrolling at Harvard University, his dream school.
Ma’s pursuit of an Ivy League degree was disrupted when he began utilizing the internet and saw a distinct lack of Chinese enterprises participating in the expanding e-commerce sector.
Soon after, he launched a China-focused website with the approval by Chinese investors who shared Ma’s vision for a Far East-based e-commerce enterprise. He started another firm named China Pages, and sales quickly increased; within three years, China Pages was worth $1 million.
Alibaba’s Stock Price in 2019
Alibaba’s Stock Price in 2019
By 2019, Jack Ma has fulfilled his promise to leave Alibaba. He steps down in September 2019 for Daniel Zhang, who is the current CEO of Alibaba.
By June 2019, Alibaba has broken e-commerce records. Its mobile user base had increased to 1.1 billion, while income had increased by 42%. The site now has 674 million active monthly users and accounts for 60% of the Chinese e-commerce market.
Wall Street analysts anticipate continued share price increase, with an average analyst consensus calling for BABA stock to rise to $222 per share within a year.
Even if Jack Ma is no longer in charge, Alibaba remains one of the world’s greatest online commerce platforms and will do so for many years to come.
Alibaba Timeline
Alibaba Timeline
- In Hangzhou, China, in 1999, Jack Ma and 18 other partners launched the business.
- In 2000, the business gets $25 million from investors including Fidelity Investments, Goldman Sachs, and Softbank.
- Alibaba makes its first profit in 2002.
- Taobao, Alibaba’s consumer e-commerce website, and Alipay, its online payment system, went to public in 2003–2004.
- Alibaba was admitted to the Hong Kong Stock Exchange in 2007.
- In 2009, Alibaba unveils a brand-new cloud computing platform on the occasion of its tenth anniversary.
- 2010 saw the launch of online storefronts like Ray-Ban and Gap (GPS) on Alibaba’s Taobao Mall.
- In 2013, Jack Ma leaves his position as Alibaba’s CEO. Ma personally selected Jonathan Lu to succeed him.
- 2014 saw Alibaba develop into the biggest online marketplace for small enterprises. The firm goes public the same year with a $25 billion IPO and a new share price of $68.
- In 2016, Alibaba met troubles in scandal and controversy due to its direct involvement in the selling of illegitimate and counterfeit goods. By designating Taobao as a fake e-commerce platform, the US government adds fuel to the flames.
- Taobao surpasses 580 million active monthly users, while Tmall reaches 500 monthly users as Alibaba recovers from the scandal. Jack Ma declares in the same year that he would leave his position as chairman of Alibaba in 2019.
To conclude, who is the founder of Alibaba? That is Jack Ma, the man who has created one of the biggest businesses globally ever!
