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China’s richest man, Jack Ma, to resign

Jack Ma, the co-founder of an e-commerce site, Alibaba, in a letter, wrote that at the age of 48 he is no more young for the internet business. He informed his employees in a letter on Tuesday that he is resigning from the post of CEO but he will remain company’s executive chairman. New CEO will be appointed by May 10 and till then Ma will hold the position. His net worth is more than $40 bn, making him China’s richest man.