Alibaba Founder Jack Ma Steps Down

Jack Ma.

Image FT.com

Dubbed the ‘Steve Jobs of China’, Jack Ma co-founded Alibaba in 1999 and it has become one of the world's biggest internet firms. Ma is due to step down from the e-commerce giant, marking the end of an era for the firm.

The company is valued at £389 billion, making Mr Ma China's richest man, worth an estimated $38.6bn according to Forbes.

Daniel Zhang, currently Alibaba's chief executive, will replace Ma .