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