• Alibaba threw its cofounder and outgoing chairman Jack Ma a four-hour, 60,000-person going away party at the Hangzhou Olympic Sports Center, the Wall Street Journal reported.
  • Ma has a reputation for being extravagant, Business Insider previously reported.
  • The former chairman will be replaced by CEO Daniel Zhang and previously said that after retiring, he wants to return to teaching.
  • Jack Ma, the richest person in China, has a net worth of $38 billion .

Outgoing Alibaba chairman Jack Ma is known for being flamboyant, and his retirement party from the online marketplace proved to be no different.

The occasion, officially billed as Alibaba's 20th-anniversary party, was held in an 80,000-seat arena and lasted for hours, Reuters reported.

"This is not the end of Jack Ma," Ma said to the crowd at the event, according to the Wall Street Journal . "This is just the beginning of passing down a heritage."

Read more : Alibaba cofounder Jack Ma the richest person in China is retiring with a net worth of $38 billion. Here's his incredible rags-to-riches story.

Ma, a former English teacher, founded Alibaba 20 years ago from his apartment in Hangzhou, Business Insider previously reported. Ma is now the richest person in China and has a net worth of $38 billion .

Keep reading for a look inside the massive anniversary celebration.

See the rest of the story at Business Insider

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SEE ALSO: Alibaba cofounder Jack Ma the richest person in China is retiring with a net worth of $38 billion. Here's his incredible rags-to-riches story.

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