Alibaba founder Jack Ma retires at 55 with £31bn fortune

The founder and chairman of Alibaba - the Chinese e-market - has retired at the age of 55.

The charismatic former English teacher, who founded the internet company 20 years ago in a shared apartment, is stepping aside from the day-to-day running of the business to spend more time on his other great loves in life - his philanthropic works, education and his family.

Ma, as China's richest man, does not have to worry about paying the bills.

According to the last estimate by Forbes, he has a net worth of $38.4bn (£31.1bn) thanks to the phenomenal success of Alibaba, though the changing of the guard at the top has investors in the US-listed firm worried.

At a time of slowing domestic sales amid the US-China trade war, Alibaba will be run solely by Daniel Zhang whose appointment was announced last year as part of a succession plan.

Ma said of him: "He has the logic and critical thinking skills of a super computer, a commitment to his vision, the courage to wholeheartedly dare to take on innovative business models and industries of the future."

He has little of the charisma of Ma - known for a flamboyant approach to get attention.

Market analysts say his biggest challenge will be finding new areas of growth - with Alibaba recently entering the music-streaming sector - as sales growth rates halve in the online shopping sector in China.

Ahead of Ma's farewell party in the 80,000-capacity Hangzhou Olympic Sports stadium, it was confirmed he would retain a management role by remaining a member of the Alibaba Partnership.

That is a 36-member group with the right to nominate a majority of the company's board of directors. He will also act a a mentor to budding entrepreneurs.

Ma has plenty to celebrate - despite the sales slowdown.

Alibaba has grown to become Asia's most valuable listed company, with a current market capitalisation of $460bn (£373bn) employing more than 100,000 people.

It has expanded into financial services, cloud computing and artificial intelligence.