Jack Ma, Asia’s richest man sees net worth soar $2.8 Billion in a day

Jack Ma is now the richest person in Asia and 14th wealthiest in the world, according to the Bloomberg Billionaires Index. His net worth has climbed $8.5 billion this year to $41.8 billion.

By: Bloomberg | Updated: June 9, 2017 7:04 pm
Jack Ma, AliBaba and Tencent Holdings Ltd. jack ma gains billions in tow days, Jack Ma news, Jack Ma's wealth estimate, Alibaba's Jack Ma, International Business news, Business news, Jack Ma’s sudden wealth surge came after Alibaba forecast 45 to 49 percent revenue growth in the year ending March, demonstrating how investments beyond online shopping are paying off. (File)

Jack Ma’s net worth surged $2.8 billion overnight as Alibaba Group Holding Ltd. forecast sales growth that topped every analyst’s estimate, despite China’s decelerating economy.

Ma, 52, is now the richest person in Asia and 14th wealthiest in the world, according to the Bloomberg Billionaires Index. His net worth has climbed $8.5 billion this year to $41.8 billion.

The latest surge came after China’s largest e-commerce company forecast 45 to 49 percent revenue growth in the year ending March, demonstrating how investments beyond online shopping are paying off. Shares in Alibaba, where Ma is chairman, rose 13 percent to a record high.

Alibaba and Tencent Holdings Ltd. — which dominate online shopping and social media, respectively — have ventured deeper into new areas from cloud computing services to streaming music and video as the country’s economy slows. Alibaba is capturing more digital advertising spending by incorporating social elements such as video in its shopping sites.

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Alibaba is holding meetings with investors this week. On Friday, the former English teacher said he wasn’t going to discuss corporate forecasts. He took the stage instead to describe how his company had become effectively the world’s 22nd largest economy — just after Argentina — in terms of transactions by never fearing to think big. Ma, who said Alibaba revises 10-year plans annually, foresaw the company becoming the fifth-largest eventually by 2036 by serving a burgeoning Chinese middle classes, taking advantage of global trade and making use of its valuable trove of data.

Ma’s comments about the evolution of data-driven technology echoed Masayoshi Son, Chairman of Japan’s SoftBank Group Corp. SoftBank — Alibaba’s largest shareholder — has invested billions in companies such as ARM Holdings Plc with the intention of staking out a leading position in the future Internet of Things.

“The Internet of Things is gonna be big because in the past, machines drink electricity,” Ma told investors. “In the next 20 years, machines will drink data.”

“In the future, no company, no country, no business can survive without data.”

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  1. L
    L bhadrapati Devi
    Jun 9, 2017 at 8:55 pm
    Jack Ma entering into Indian market will change the rule of game in e-commerce platform. Indian economy own gloomy future is predicted because all Indian middle cl technocrats and scientists can't incubate technology as against China have.
    Reply
    1. R
      romi
      Jun 9, 2017 at 8:44 pm
      china is following the west an korea countries which support their own industry & industrialist Sadly in india industrists in past have to looted the banks with government support there by now loosing the government & people support & faith
      Reply
      1. M
        Makrand
        Jun 9, 2017 at 8:44 pm
        He's like the self-made billionaires of India. Amazing personality and at ude.
        Reply
        1. A
          Achoot
          Jun 9, 2017 at 10:39 pm
          No need to mention " like India" Self made billionaire is a self made billionaire.
          Reply