HANGZHOU, China — Jack Ma officially stepped down as the chairman of Alibaba’s board on Tuesday September 10, 2019.

Alibaba was established by a group of 18 founders led by Jack Ma in 1999. The group worked out of Ma’s apartment in the Chinese city of Hangzhou, where Alibaba is now headquartered.

Since its founding in 1999, Alibaba has gone from being a traditional e-commerce company to a conglomerate that has businesses from logistics to food delivery and cloud computing.

Its first website was Alibaba.com, an English-language wholesale marketplace. That same year, Alibaba launched a domestic wholesale market place.

The Chinese e-commerce giant is celebrating its twentieth anniversary.

Daniel Zhang will take up the role, and continue as the e-commerce giant’s CEO.

It is now a company valued over $460 billion.