Alibaba Group has decided to close the Luohan Academy, the social science institute that founder Jack Ma had hoped would last 300 years when it was founded in June 2018, according to sources familiar with the matter.
The unannounced closure of the Luohan Academy, an open-source research institute with a grand mission to help solve “some of the world’s most pressing economic and social challenges,” is part of a sweeping restructuring at Alibaba, the Hangzhou-based e-commerce giant.
At the same time, some of the academy's operational parts will remain part of Alibaba, including its environmental, social and governance research group, according to people familiar with the matter.
Billionaire Jack Ma. Photo: Xinhua News Agency
Eddie Wu Yongming, Alibaba's new CEO, said in a letter to employees last month that Alibaba will focus on two key themes, "user-first" and "AI-driven," as the company seeks new growth in a changing internet landscape.
According to insiders, the Luohan Academy, which funds research programs on topics such as “data privacy and governance,” “measuring the new economy,” and “future finance,” has operated as a research institute rather than a revenue-generating business entity. It has published research reports with titles such as “Digital Circular Economy for Net Zero.”
It was initiated with the support of Jack Ma, who stepped down as chairman of Alibaba in September 2019, with the Chinese entrepreneur saying the move was part of the company’s responsibility to answer certain questions about the impact of technology on society. So he hopes the Luohan Academy can last for 300 years.
Mai Anh (according to SCMP)
Source
Comment (0)