Inside Jack Ma’s 60,000-person retirement party, which was held in an Olympic stadium and featured employee performances that made Ma cry

Outgoing Alibaba chairman Jack Ma is known for being flamboyant, and his retirement party from the online marketplace proved to be no different.

The occasion, officially billed as Alibaba's 20th-anniversary party, was held in an 80,000-seat arena and lasted for hours, Reuters reported.

"This is not the end of Jack Ma," Ma said to the crowd at the event, according to the Wall Street Journal. "This is just the beginning of passing down a heritage."

Read more: Alibaba cofounder Jack Ma — the richest person in China — is retiring with a net worth of $38 billion. Here's his incredible rags-to-riches story.

Ma, a former English teacher, founded Alibaba 20 years ago from his apartment in Hangzhou, Business Insider previously reported. Ma is now the richest person in China and has a net worth of $38 billion.

Keep reading for a look inside the massive anniversary celebration.

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