Jack Ma’s Decision and Its ConsequencesColin Baseman
Jack Ma is a famous business person – he was one of those who founded Alibaba. His recent decision shocked everyone. Being part of the board of directors requires a lot of responsibility and dedication. SoftBank is a project that needed his time and effort to be successful and prosperous. Unfortunately, what has just happened has brought much trouble and worry to the firm. The mass media report on the losses, which are described as the worst in the company’s history.
From now on, the board will keep surviving without Alibaba’s co-founder. The tech giant from Japan is known all around the world. And so is SoftBank. Ma was the bank’s backer of the firm’s major blockchain for quite some time. After almost thirteen years of tight collaboration with the bank, Jack Ma has decided to quit and leave the board. More than that, the richest businessman from China posted the company’s worst losses and let the world see the failures the team experienced throughout the years. The operating mistakes the firm made were significant and influenced further development.
The Japanese press keeps publishing reports on Ma’s decision. The firm officially announced his departure a couple of days ago. Another important nuance is that now we can see the losses of the bank – they reach 16.7 billion USD and break all previous records. The firm’s total annual losses seem to account for 12.7 billion USD. The data were taken from the company’s official reports.
The Bank’s Board Will Exist without Ma
The end of June is the term when the co-founder of the largest global trade business is going to leave the company. This week, SoftBank announced that the board is ready to propose three new members who will replace the previous director. The chosen executives include Yoshimoto Goto, Yuko Kawamoto, and Lip-Bu Tan. All of the candidates have plenty of experience in running large teams and managing serious projects. The meeting will take place at the bank at the end of June and the firm’s shareholders will decide on the best executive.
The representatives claim that Ma made a request asking to leave the company. More than twenty years ago, Jack Ma founded one of the most successful Chinese e-commerce projects. He soon became the country’s richest person having earned forty-one billion USD. Ma was the brand’s chairman up to 2019. Right now, he keeps being a board member. Of course, the billionaire’s resign from the bank has reasons. Experts explain his decision as his desire to concentrate on philanthropic activities. The biggest investment flow in Alibaba comes from SoftBank. One-quarter of the firm’s shares belong to the bank. Nevertheless, some of the investments were unsuccessful and led to losses. The failures are related to Uber and WeWork. For instance, the investments in WeWork exceeded twenty-four billion USD. Besides, we cannot ignore the negative impact the coronavirus brought to these projects.
One of the Leading Blockchain Participants
SoftBank is a multinational project. The company’s members are famous for their collaborations related to the blockchain. They have also made massive investments in BTC. Over ten years ago, the firm presented a debit card with a special feature – the team introduced a crypto wallet built in the card. The team tried to implement a few other innovations and collaborated with TBCASoft along with IBM.
The company’s BTC investments were not always smart. They invested in the crypto when the currency reached its highs in 2017. The firm then experienced a loss of more than one hundred and thirty million USD.
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