Alibaba’s Jack Ma Steps Down From SoftBank [Video]

No one anticipated that Alibaba’s Jack Ma will soon be stepping down from SoftBank. On Monday, the Japanese multinational conglomerate SoftBank Group announced that Board Director Jack Ma would be stepping down, effective June 25th. This decision comes as SoftBank reports historic losses.

Stepping Down and Stepping Back

Jack Ma, the founder of e-commerce behemoth Alibaba, has served for thirteen years on the Board of SoftBank. Last year, Ma resigned as Chairman of Alibaba and has slowly been moving away from the business world to focus more on his philanthropic ventures. The Chinese billionaire, who has an estimated net worth of $37.2 billion, is now stepping down from his role at SoftBank and is rumored to be considering a departure from the Board of Alibaba as well.

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