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Jack Ma Retires From Alibaba At 55

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Jack Ma Retires From Alibaba At 55,Startup Stories,Alibaba Founder Jack Ma,Jack Ma Retires From Alibaba,Alibaba Founder Retires At 55,Jack Ma Retires,Alibaba chairman Retires,Jack Ma Latest News,Jack Ma 55th Birthday,Alibaba Founder History


Jack Ma retired from Alibaba, the Company he built 20 years ago, on September 10th 2019 as its Chairman.  Ma announced last year he would retire from Alibaba in September 2019.

Jack Ma co founded Alibaba in 1999 as a B2B marketplace site, at his apartment in Hangzhou, China.  Alibaba Group Holding Limited is now one of the biggest and most valuable companies in the world. The Company owns and operates businesses in numerous sectors around the world.  With a market value of $ 420 million, Alibaba made Jack Ma one of the richest people in China, with a net worth of $ 35.6 billion. He is also considered one of the wealthiest and most powerful people in the world.

Jack Ma decided to retire from Alibaba in order to pursue educational and philanthropic work.  Daniel Zhang, who is the CEO of the Company since 2015, will step into Jack Ma’s shoes as the executive chairman of Alibaba. 

To bid farewell to Jack Ma, the Company held a four hour celebration at an Olympic sized stadium in Hangzhou with a capacity to accommodate 80,000 people.  Jack Ma, who is known for his colorful personality and performed at a Chinese music festival, did not disappoint anyone this time either.  Ma, dressed as a rockstar with a fake wig and holding an electronic guitar, gave a powerful performance in front of his employees. 

Speaking about his retirement at the event, Jack Ma said, “After tonight, I will start a new life. I do believe the world is good, there are so many opportunities and I love excitement so much, which is why I will retire early.

Even though Jack Ma retired from Alibaba as its Chairman, he will stay on the Company’s board till 2020 and will remain a lifetime partner of Alibaba Partnership. 

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Storage For Rent: This Startup Idea Is Seeing A Huge Demand During COVID-19 Pandemic

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Storage For Rent: This Startup Idea Is Seeing A Huge Demand During COVID-19 Pandemic

If you could travel six months back in time and tell yourself how the world would look now, you might have dismissed it as a hoax.  The world changed suddenly when the COVID-19 virus broke out and started spreading across the world.  The virus which manifests in the form of a flu before attacking the respiratory system currently has no vaccine.  This forced governments across the world and India included, to enforce a strict mandatory nationwide lockdown.  

The lockdown was initially announced in India for just three weeks and many businesses and startups never expected it to go beyond a month.  However, the lockdown is still continuing albeit with a few relaxations, but many industries continue to be badly affected by it as they saw zero revenue in the last three months.  Many organisations and businesses have made the shift to remote work as their offices remain to be closed for fear of contracting the COVID-19 virus.  

As software companies continue to declare work from home for the foreseeable future, many employees are looking to return back home from technology hubs like Bengaluru and Hyderabad so as to save money on huge rents in the metropolitan cities considering their offices are not opening anytime soon.

ALSO READ: How The Events Industry Is Impacted By The COVID-19 Pandemic

This is where a unique concept where companies offering storage spaces for long term rent is seeing a huge spurt in demand.  As software employees in Bengaluru are slowly vacating their accommodations to move back home in order to save on rental expenses, they have no place to store their personal belongings.  Firms like SafeStorage, Storagians, StowNest Storage and MyRaksha, which provide the service (storage for rent,) have seen a spike in clients and quotation requests.  Even some gyms and restaurants, both of which are yet to reopen completely, are offering their facilities for storage in order to reduce their own rental expenses.

ALSO READ: How The COVID-19 Pandemic Affected Startup Investments And  IPOs In 2020

These storage firms offer facilities like pickup services, CCTV monitoring and individual locker facilities apart from providing insurance coverage against theft, natural calamities and fire.  Ramesh Madisetty, co founder of SafeStorage, says “We have 13 warehouses with 1.16 lakh sq ft space in Bengaluru.  We have signed up for another 27,000 sq ft facility near Whitefield.  There is a 10x jump in enquiries due to Covid-19 , from 30 to 300 now (sic.)”

Another company named Storagians, which offers storage for rent in Bengaluru has already run out of storage space and are having to turn away customer requests.  Prasanna Kumar, founder of Storagians says “Unfortunately, we are turning down customers’ requests due to the non availability of slots sic.)”

The average monthly rent is based on the volume of goods.  While goods accommodated in 1BHK are charged a monthly rental of Rs. 2,500-3,500 and it will be Rs. 4,500-5,000 for 2BHK.  As more and more enterprising people are embracing this concept, many others are racing against time to get their own facilities up so they can offer storage space for rent.  This concept will continue to see a huge demand as long as companies keep working remotely.

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Mukesh Ambani Overtakes Warren Buffet To Become 7th Richest Man In The World

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Mukesh Ambani Overtakes Warren Buffet To Become 7th Richest Man In The World

Mukesh Ambani is having one of the best years of his life as his net worth is soaring like a rocket is not showing any signs of slowing down.  Mukesh Ambani achieved a major milestone in his career as he broke into the elite and exclusive list of the richest billionaires in the world.  This milestone happened just last month when Mukesh Ambani’s net worth surged to $ 64.5 billion which catapulted him to the exclusive list of the richest billionaires in the world.

When Mukesh Ambani entered the list of the world’s richest billionaires, he was ranked at the ninth position ahead of Google founder Larry Page.  Mukesh Ambani also holds the distinction of the only Asian tycoon in the exclusive list of World’s Top Ten Billionaires.  However, Mukesh Ambani surged one place ahead as he overtook Warren Buffet, the Chief Executive Officer of Berkshire Hathaway.  Mukesh Ambani’s net worth surged to $ 68.3 billion dollars overtaking Warren Buffet’s net worth of $ 67.9 billion.

ALSO READ: Mukesh Ambani Enters Top Ten Billionaires List

Mukesh Ambani is riding on the back of a series of investments into the company’s digital unit, Jio Platforms Ltd., which Reliance claimed made the company net debt free and also proved the COVID-19 pandemic has not affected the fortunes of Reliance Industries.  The latest company to invest in Reliance is the processor chip manufacturer Intel as the invested Rs. 1,894.50 crore in Jio Platforms for a 0.39% stake.  Jio Platforms also raised capital from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubidala, ADIA, TPG, L Catterton and PIF.  While a crash in oil prices caused uncertainty in a stake sale of Reliance’s oil and chemicals division, in just two months Jio managed to attract some $ 15 billion which is more than half the investment into telecom companies worldwide this year.

Here are the latest standings in the list of the World’s Richest Billionare’s list:

  1. Jeff Bezos, net worth: $ 188.5 billion
  2. Bill Gates, net worth: $ 114.9 billion
  3. Bernard Arnault, net worth: $ 92.8 billion
  4. Mark Zuckerberg, net worth: $ 92.7 billion
  5. Steve Ballmer, net worth: $ 77 billion
  6. Larry Page, net worth: $ 71.7 billion
  7. Sergey Brin, net worth: $ 69.5 billion
  8. Mukesh Ambani, net worth: $ 68.3 billion
  9. Warren Buffet, net worth: $ 67.9 billion
  10. Larry Ellison, net worth: $ 65.8 billion

 

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4 Things To Know About Instagram Reels

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4 Things To Know About Instagram Reels

Instagram Reels is the latest offering from the photo sharing platform Instagram and was launched as a replacement for the video sharing application TikTok.  Instagram Reels was launched only last year and was being tested in Brazil where it was called Cenas.  TikTok was enjoying an unrivalled popularity in India as it became a means to keep boredom at bay during the nationwide lockdown which was imposed in light of the COVID-19 virus.  TikTok amassed more than 200 million users in India and this is mostly due to the cheap internet plans rolled out by Jio Telecommunications, which made the internet accessible to every person even in the remote corners of India.

However, the Indian government announced that it would ban 59 Chinese applications in which TikTok was one, along with WeChat, Helo, Cam Scanner and many others.  This left a sudden void in video making applications, and Instagram realised the need for urgency to capitalize on this void.  Therefore, Instagram immediately pushed their latest feature Instagram Reels which lets its users create 15 second videos with music from Instagram’s database.  These videos look very similar to the ones made on TikTok and therefore Instagram is hoping to entice TikTok users to come onboard their platform.

Instagram users can open the explore tab on their mobile app and can see videos made from Reels.  These videos are displayed on the top of the explore tab and take up half the screen space to ensure more visibility for the feature.

Here are 4 things you need to know about Instagram Reels:

1) Create 15 second videos:

A user can use Reels after updating their Instagram application which is available for both Android and iOS users.  The Reels option is displayed when a user swipes right on their Instagram home screen.  A user can record upto 15 seconds of video and can string multiple 15 second videos to make a Reel.  

2) Reels can only be edited in App:

The Reels can only be edited in the Instagram app where users have a plethora of filters, music and video effects at their disposal.  The Reels can be reviewed to see how they look when they are stitched together (if two 15 second Reels are merged.)  The Reels can be deleted and re-recorded if they are not up to the mark.

3) Reels can be shared as a story or made public:

Unlike the normal Instagram Stories which can only be shared with your followers, Reels can be made public so they can be displayed on the explore tab for everyone on the platform to view it.  If you share your Reels to your Stories or in Direct, they will disappear after 24 hours. You can also save Reels to your drafts for posting later.

4) Featured Reels:

According to Instagram, Reels which may be watched by a lot of people depending on the cultural relevance and relativity to the audience will get a featured tag to them.  These featured reels will only be chosen from public accounts.

The chances are high that Instagram Reels feature is rolled out to almost everyone using Instagram in India.  Let us know if you began experimenting with it and created cool videos!

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