Jack Ma, the founder and chair of the Chinese e-commerce giant Alibaba, spoke frankly to some of the richest people in New York at the Economic Club Tuesday at the Waldorf Astoria. Here are some of the most interesting things he said.
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"If you have less than $1 million, you are the happiest person in the world. You know how to use the money," Jack Ma said in answer to a question from Thomas Farley, the president of the New York Stock Exchange. "If you have $10 million you start to worry about valuation, where to buy to stocks... When you have $1 billion, that's not your money. That's the trust of people on you because people believe you can manage money better than others. You managed money for the others. So I think the money I've got today is the responsibility and the trust of people on me."
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"Three years ago we launched a campaign [to take on counterfeit sellers]," Ma said. "We shut down close to 10,000 shops each week ... We have 5,700 volunteers using data technology to find counterfeit products. It was a war against the criminals, against the bad guys. Today, in the real world [for] every 100,000 transactions there are six or seven cases concerned with counterfeit products. [At Alibaba] for every 860,000 [transactions] there is only one complaint. Why? We use data, we trace who is the buyer, who is the seller, who is the manufacturer. We work with the police to destroy them.
"And I've gotten a lot of personal threats. It is a war."
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