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According to a tweet from Alibaba, the two are discussing plans to create one million US jobs by allowing small and medium-sized businesses to sell to China through the company's platforms.
The meeting was confirmed by transition sources.
Alibaba also tweeted pictures of Ma walking to meet Trump and waiting inside Trump Tower.
The meeting comes just a few weeks after Trump met with another Asian technology powerhouse, Masayoshi Son the CEO of SoftBank. At that meeting, Trump took credit for a previously announced investment by a fund run by Son and said that the fund would help to create 50,000 jobs.
Additionally, the meeting with Ma, one of China's richest men, comes after Trump has repeatedly criticized China and its trade policies.
Following news of the meeting, Alibaba stock rallied and is up just over 1% as of 11:45 a.m. ET. It had been trading in the red up until the announcement.
Watch Ma walk into Trump Tower:
Jack Ma on the way to meet President Elect @realDonaldTrump to discuss $BABA plans to create 1MM US jobs by helping small biz sell to China. pic.twitter.com/Kca4kiwqPI
- Alibaba Group (@AlibabaGroup) January 9, 2017JUST IN: Alibaba's Jack Ma arrives at Trump Tower for meeting with the President-elect. pic.twitter.com/26fHqGaAVg
- CNBC (@CNBC) January 9, 2017