Jack Ma, the founder of Alibaba, is back in the public eye after a hiatus. Here's how the Alibaba and Ant Group founder got started and amassed a huge fortune.

Madeline Stone,Avery Hartmans,Sam Tabahriti,Jordan HartMar 9, 2024, 20:28 IST

Jack Ma cofounded Alibaba in 1999 after a business trip to the US in 1995 gave him the idea.VCG/VCG via Getty Images

Jack Ma is the billionaire founder of Alibaba and Ant Group.
Ma has experienced financial success and scrutiny from his many business ventures.

Jack Ma, Alibaba and Ant Group founder, has been making moves during the last year after a lengthy hiatus.

Ma, who disappeared from public view in 2020 and resurfaced in Thailand in January 2023, most recently made news when The New York Times reported in January of this year that he had been buying up Alibaba shares again.

Ma faced a crackdown from Chinese regulators in 2020 that resulted in an antitrust investigation, a suspended IPO, and Ma losing $12 billion of his fortune in just a few months.

However, Ma quietly made moves throughout 2023, including a teaching gig at Tokyo College, investing in an agrotech startup, and incorporating a pre-packaged food company.

According to Bloomberg, his net worth is now estimated at $30.6 billion. In July 2023, China hit Ant Group with a nearly $1 billion fine, marking the end of its crackdown, The Wall Street Journal reported.

While Ma has had a challenging few years, adversity is nothing new to him. He 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.

Here's how Ma got his start and made his fortune.

Jillian D'Onfro, Charles Clark, and Taylor Nicole Rogers contributed to an earlier version of this post.

The Chinese businessman is 59 years old.

Jack Ma in 2014.REUTERS/Lucy Nicholson

He doesn't come from money.

Hangzhou, China, where Ma was raised.rongyiquan / Shutterstock.com

It took Ma three tries to get into college.

Ma didn't get into Harvard despite trying multiple times.WEF

Ma keeps his family life private, but he's been married for decades.

Ma got married after he graduated.Wang HE/Getty Images

Ma got the idea to start an internet company during a trip to America.

Ma has had a connection to the US from a young age.AP Images

He founded Alibaba in 1999, and its success was nearly instant.

Alibaba's headquarters is in Hangzhou.Reuters

Ma was given the nickname "Crazy Jack" by reporters during his company's mid-2000s rivalry with eBay.

The homepage of the Chinese e-commerce site Taobao.(AP Photo/Mark Schiefelbein)

Yahoo invested in Alibaba in 2005.

Yahoo won big when it invested in Alibaba.China Photos/Stringer/Getty Images

Ma stepped down from his post as CEO in 2013.

Ma stepped down from the CEO position the year before Alibaba went public.REUTERS/Brendan McDermid

Ma owns stakes in Alibaba and a payment-processing service.

Alipay logo is seen at a train station in Shanghai.Thomson Reuters

One of his greatest passions is the environment.

Chelsea Clinton, left, and Jack Ma during a session at the Clinton Global Initiative.Shannon Stapleton / REUTERS

The biggest day in the calendar for Alibaba is China's "Singles' Day" — a retaliation to Valentine's Day — which supposedly celebrates the country's singletons.

Ma looks back at a giant electronic screen showing real-time sales figures on the "Singles' Day" online shopping festival.REUTERS

The biggest day in the calendar for Alibaba is China's "Singles' Day" — a retaliation to Valentine's Day — which supposedly celebrates the country's singletons.

Ma appears humble despite his financial success.

Ma is a fan of practicing tai chi.Associated Press

In 2017, Ma made headlines after meeting President Donald Trump.

Donald Trump with Jack Ma.AP

Ma is something of a celebrity in China.

Ma was known for his eccentric personality in ChinaSteven Shi / REUTERS

Ma stepped down as Alibaba's chairman on his 55th birthday and chose a former Alibaba CEO to replace him.

Ma had a lavish farewell party.Courtesy of Alibaba

When COVID-19 rocked the world, Ma sprung into action.

Ma was active on social media in 2020.Jack Ma/Twitter

In May 2020, SoftBank announced that Ma would resign from the troubled investment fund's board of directors.

Masayoshi Son, SoftBank's chairman and CEO.Reuters

In October 2020, Ma made headlines again in relation to Ant Group's highly anticipated IPO.

Ant Group's headquarters is in Hangzhou.Chen Zhongqiu/VCG/Getty Images

Chinese regulators opened an antitrust investigation into Alibaba in December 2020, yet another crackdown on Ma's empire.

The crackdown had a serious impact on Ma's net worth.Reuters

Amid the investigation, speculation began on whether Ma was missing in 2021.

Ma began laying low in 2021.Bryan Thomas/Getty Images

Ma appeared to resurface in Thailand in January 2023.

His net worth is now estimated at around $30 billion, making him China's seventh-richest person in 2023.

Ma's net worth took a tumble after crackdowns by China.Shu Zhang/Reuters

In May of 2023, Ma accepted a teaching role at Tokyo College.

Ma's celebrity status persists in Eastern countries.Future Publishing/Getty Images

Ma began advising Alibaba in May, and held a meeting of company execs the same month.

Ma became more involved in Alibaba last year.REUTERS/Jason Lee

China appeared to be nearing an end to its nearly three-year investigation into Ant Group in July.

As the Chinese investigation cooled Ma became more public.LUDOVIC MARIN / Contributor / Getty Images

One of Ma's latest business ventures is a China-based agrotech startup.

1.8 Meters Marine Technology (Zhejiang) Co is also described as a fishery on Crunchbase.Andrew Burton/Getty Images

Ma incorporated a company called "Hangzhou Ma's Kitchen Food" in November.

Ma is getting into the food industry.Reuters

He began buying shares in Alibaba during the fourth quarter of 2023.

Jack Ma, cofounder of tech giant Alibaba.Wang HE/Getty Images

Ma's wife acquired three adjoining properties in Singapore for up to $37 million, Business Times reported.

Ying purchased three adjoining shophouses in the Tanjong Pagar area of Singapore.Allan Baxter/Getty Images

Google converted a 1930s train station into its New York HQ. Take a look.

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Jack Ma, the founder of Alibaba, is back in the public eye after a hiatus. Here's how the Alibaba and Ant Group founder got started and amassed a huge fortune.

The Chinese businessman is 59 years old.

He doesn't come from money.

It took Ma three tries to get into college.

Ma keeps his family life private, but he's been married for decades.

Ma got the idea to start an internet company during a trip to America.

He founded Alibaba in 1999, and its success was nearly instant.

Ma was given the nickname "Crazy Jack" by reporters during his company's mid-2000s rivalry with eBay.

Yahoo invested in Alibaba in 2005.

Ma stepped down from his post as CEO in 2013.

Ma owns stakes in Alibaba and a payment-processing service.

One of his greatest passions is the environment.

The biggest day in the calendar for Alibaba is China's "Singles' Day" — a retaliation to Valentine's Day — which supposedly celebrates the country's singletons.

Ma appears humble despite his financial success.

In 2017, Ma made headlines after meeting President Donald Trump.

Ma is something of a celebrity in China.

Ma stepped down as Alibaba's chairman on his 55th birthday and chose a former Alibaba CEO to replace him.

When COVID-19 rocked the world, Ma sprung into action.

In May 2020, SoftBank announced that Ma would resign from the troubled investment fund's board of directors.

In October 2020, Ma made headlines again in relation to Ant Group's highly anticipated IPO.

Chinese regulators opened an antitrust investigation into Alibaba in December 2020, yet another crackdown on Ma's empire.

Amid the investigation, speculation began on whether Ma was missing in 2021.

Ma appeared to resurface in Thailand in January 2023.

His net worth is now estimated at around $30 billion, making him China's seventh-richest person in 2023.

In May of 2023, Ma accepted a teaching role at Tokyo College.

Ma began advising Alibaba in May, and held a meeting of company execs the same month.

China appeared to be nearing an end to its nearly three-year investigation into Ant Group in July.

One of Ma's latest business ventures is a China-based agrotech startup.

Ma incorporated a company called "Hangzhou Ma's Kitchen Food" in November.

He began buying shares in Alibaba during the fourth quarter of 2023.

Ma's wife acquired three adjoining properties in Singapore for up to $37 million, Business Times reported.