Jack Ma returns with a vengeance to ‘Make Alibaba Great Again’
Jack Ma is back in Alibaba’s trenches and pushing hard to “Make Alibaba Great Again.” After years of keeping a low profile, the company’s co-founder is once again shaping strategy, especially around artificial intelligence and the intensifying e-commerce fight with JD.com and Meituan. Insiders say his involvement is the most hands-on since he stepped down as chairman in 2019, with frequent check-ins on key initiatives and an appetite for bold, fast moves.
A founder’s return, a sector’s signal
Ma’s re-emergence is widely read as a symbolic turn for China’s internet sector, which has endured a prolonged crackdown since late 2020. While he’s expected to maintain a lower public profile than in his Davos-era heyday, his presence on Alibaba campuses has galvanized employees who see him as the company’s cultural anchor. Morale—badly bruised during the regulatory storm and the pandemic years—has visibly lifted as Ma walks halls, joins internal meetings, and rallies teams.
All-in on AI and cloud
Alibaba has made AI its top priority, with Eddie Wu leading a push toward artificial general intelligence. The company has pledged more than 380 billion yuan over the next three years to AI and cloud infrastructure. Its cloud business recently recorded its fastest quarterly growth in years, with revenue jumping 26%, helping fuel a strong rebound in Alibaba’s market performance. Central to the plan are Alibaba Cloud, its T-Head chips, and the Qwen family of AI models—areas Ma tracks closely, requesting frequent updates and pressing for speed.
The subsidy-fueled e-commerce war
In commerce, Ma is backing a more aggressive stance. Alibaba has committed significant subsidies—reportedly up to 50 billion yuan—to re-energize Taobao and defend share against rivals. One-hour delivery battles now span groceries, meals, and electronics, where Meituan and JD.com have sharpened their edge. Alibaba has rebuilt momentum and aims to widen it, even as authorities have warned against “malicious subsidies,” raising the risk of renewed scrutiny.
From crackdown to comeback
Ma’s retreat began after a 2020 speech that criticized traditional lenders, followed by the halted listing of Ant Group and an era-defining regulatory campaign that swept across platforms from ride-hailing to education. Alibaba’s valuation tumbled by hundreds of billions of dollars. During his time away—much of it spent overseas—employees endured a bruising period of uncertainty, cost cuts, and strategic misfires. His gradual return, including rare internal talks and site visits, has been emotional for long-time staff who credit him with rekindling a startup spirit.
New leadership spine, familiar faces
Alibaba’s day-to-day is now steered by veterans Joe Tsai (chairman) and Eddie Wu (CEO), trusted lieutenants aligned with Ma’s priorities. Rising leader Jiang Fan has been tasked with running a more unified e-commerce engine that connects marketplaces with food delivery, travel, and logistics. The leadership team is refocusing on core strengths—technology, cloud, and commerce—after a stretch of missteps, including heavy investments in hypermarket chains that didn’t deliver the expected consumer boom.
Under the previous regime, Alibaba split into six major units to create IPO-ready businesses across cloud, logistics, and more. Those listing plans were later paused amid market uncertainty. The reset now emphasizes disciplined investment, tighter execution, and measurable returns, with AI as the flywheel for products and margins across the portfolio.
Taobao’s comeback bid
Internally, executives have stressed that the days of commanding 80%+ market share are gone, replaced by a relentless, fast-moving landscape. Even so, Ma is betting that Taobao’s community, merchant depth, and product selection can out-innovate and outlast competitors. In adjacent arenas like food delivery, Alibaba has narrowed the gap with the leader and is leaning on logistics and local services to build durable advantages.
Influence without a title
Ma wields what many inside call “moral authority.” He is not micromanaging, but when he signals displeasure or sets a direction, teams move. His presence can blur reporting lines—employees instinctively look to him as the ultimate decision maker—even though he holds no formal position. The sight of him wearing an Alibaba badge on campus has become a quiet emblem of his return to action.
The mission ahead
Alibaba has come a long way from the apartment startup of 1999 to a global tech platform. It celebrated a record IPO in 2014, soared to an $800 billion market cap, and then endured a dramatic fall from grace during the crackdown years. Today, it’s rebuilding: refocused on technology, pragmatic about growth, and newly ambitious in AI.
Ma, for his part, appears determined to safeguard his legacy by helping steer Alibaba through this next chapter—confident that with the right execution, the company can outcompete in e-commerce and lead in AI. Years ago, he said that retirement didn’t mean leaving Alibaba, and that he would be there if called. Now, he is—to make Alibaba great again.
