Alibaba founder has overnight become the richest man in Asia
Jun 9, 2017, 12:55 IST
Alibaba founder Jack Ma's net worth saw a mammoth rise of $2.8 billion overnight after Alibaba Group Holding Ltd. forecast sales growth going beyond predictions of all analysts.
The 52-year old has now become the richest person in Asia, and 14th richest in the entire world, says the Bloomberg Billionaires Index, with a net worth of $41.8 billion.
It was after Maggie Wu, the CFO of the Alibaba group said that the revenue might grow by 45 to 49% in FY 2018, that the share prices surged 13% to a record high. Wu demonstrated how the company’s investments beyond online shopping are eventually paying off as a result of rise in the revenue.
These investments beyond online shopping include cloud computing services, music streaming, and videos as part of a campaign to get more digital advertising spending.
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The 52-year old has now become the richest person in Asia, and 14th richest in the entire world, says the Bloomberg Billionaires Index, with a net worth of $41.8 billion.
It was after Maggie Wu, the CFO of the Alibaba group said that the revenue might grow by 45 to 49% in FY 2018, that the share prices surged 13% to a record high. Wu demonstrated how the company’s investments beyond online shopping are eventually paying off as a result of rise in the revenue.
These investments beyond online shopping include cloud computing services, music streaming, and videos as part of a campaign to get more digital advertising spending.