Shares in Alibaba closed 3.5% lower on Monday. The company’s stock is down 25% from its all-time high in June.
Ma said a lot of businesses in China and the United States will be in trouble in the short term, and eventually, Chinese firms will be forced to turn to other countries.
Ma said the trade war is “against China,” but also criticized his country’s policies, urging leaders to view the pain inflicted by Trump’s tariffs as an opportunity to “upgrade.”
“China must open the market,” he added.
Ma also took the opportunityto reassure investors that the $410 billion company he helped build is in safe hands. He announced last week that he will step down from Alibaba in a year’s time, handing over the reins to CEO Daniel Zhang.
“I’m 100% sure Daniel will do a better job than I do,” Ma said.
The 54-year-old former teacher repeated his desire to pursue a new career, likely in the field of education.
“I’m not sad at all. I think I’m still young,” he said. “In Alibaba I’m old, but in my career I’m still young.”
CNNMoney (Hong Kong) First published September 18, 2018: 6:34 AM ET