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Alibaba: Jack Ma Wants To Be Bigger Than Walmart

Today Alibaba’s (BABA) Jack Ma said, “My job is…helping other people make money.”

Jack Ma alibaba baba walmart wmt

Source: www.alibabagroup.com

Alibaba Founder Jack Ma

When asked about whether Alibaba has any American companies in its shopping list, Jack Ma said there are a lot of companies that he’d like to learn from, but he didn’t name any names. Later on we found out that Jack Ma was talking about Walmart (WMT).

Jim Cramer asked Jack Ma about the Chinese consumers, and Jack Ma said that Chinese consumers are doing much better than what is perceived from America. The most critical question of the interview came from David Faber:

“Jack, $300 billion in gross merchandise value. How big can Alibaba become?”

Here is what Jack Ma said:

“Well, we have a dream, which probably, I am not about to say, but I think, we value that the China chance to become — in the past 15 years. And we hope in the 15 years the world changed because of us. We wanna be bigger than Walmart. We wanna to be bigger. It’s not the size. We want to learn from Walmart. They changed the business last century. They stressed the B to C, and we hope 15 years later, they say this is a company like Microsoft, like IBM, like Walmart. They changed, shaped the world.”

Carl Quintanilla asked Jack Ma what he will do with all this money. Jack Ma told the following story:

“Fourteen years ago, I asked my wife, do you want your husband be a rich man or a respected business guy? She said, of course, a respected business person because she never thought I will be a rich person”

We will update this post when CNBC uploads Alibaba Group Holdings Ltd (NYSE:BABA)’s Jack Ma interview video to its site.

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Article printed from InvestorPlace Media, https://investorplace.com/2014/09/alibaba-baba-walmart-wmt-jack-ma/.

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