Jack Ma is stepping down from the board just as Softbank announced a record $13 billion loss

REUTERS/Charles Platiau/File Photo

• Jack Ma is resigning from SoftBank's board of directors effective June 25.
• Ma has been a director at SoftBank for 13 years.
• News of his departure came just as SoftBank posted a $13 billion loss, while Softbank's flagship vision fund suffered a $17.7 billion loss. 
• Visit Business Insider's homepage for more stories.

Alibaba founder and China's richest man Jack Ma has left SoftBank's board of directors. The news comes just as the company announced it has suffered a record financial loss of $13 billion.

Ma served on SoftBank's board for the past 13 years, and will officially resign on June 25 per a document from SoftBank.

See the rest of the story at Business Insider

NOW WATCH: Here's what it's like to travel during the coronavirus outbreak

See Also:

• Softbank's famous robot Pepper is helping helping enforce social distancing and greeting COVID-19 patients around the world
• Wall Street loves the idea of Uber buying its competitor Grubhub, but analysts warn getting the deal done amid a pandemic won't be easy
• CEO of SoftBank-backed startup Banjo resigns after hidden neo-Nazi past surfaces

from Business Insider https://ift.tt/2WJf9dP