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.

A new chapter is about to unfold in the incredible rags-to-riches story of China's richest man.

Alibaba cofounder Jack Ma will step down as the online marketplace's chairman on September 10, he announced September 9. The date is Ma's retirement is also his 55th birthday.

Ma grew up poor in communist China, failed his university entrance exam twice, and was rejected from dozens of jobs, including one at KFC, before finding success with his third internet company, Alibaba.

Keep reading to learn more about how Jack Ma made his fortune.

Jillian D'onfro contributed to an earlier version of this post.

Leave a Reply

Your email address will not be published. Required fields are marked *