- Shu Zhang/Reuters
Jack Ma, the charismatic founder of Alibaba, has all the more reason to be happy today. He is $2.8 billion richer after Alibaba shares surged 13% on Thursday following news the company expects revenue to surge 50% this year, much higher than expected.
If revenue follow the Alibaba’s predictions, it will be the second year in a row the company has managed a 50% or more increase in revenue.
The nearly $3 billion Ma gained from Thursday’s spike caused his net worth to jump by 7.1% to $41.8 billion, according to Bloomberg. It’s up 25.5% year-to-date.
Ma is currently the richest man in China, the Asia Pacific region, seventh in the industry category, and 14th overall richest person in the world.
Being the richest man in Asia is nice, but Ma has also been generous in sharing some of his company’s wealth. The billionaire has donated 35 million shares of Alibaba to SymAsia, a non-profit based in Singapore, Bloomberg data shows. He has also committed the company to using 0.3% of its annual sales to help protect the environment. Last year, this amounted to around $7 billion.
The e-commerce giant is riding the growing enthusiasm in China for online spending. Shares of Alibaba are up 61.62% after Thursday’s bump.
- Markets Insider