Jack Ma went to bed on Thursday night and woke up on Friday morning feeling like 2.8 billion more bucks.
Overnight, the value of his Alibaba Group jumped by 13.3% on the New York Stock Exchange, sending the total value of China’s largest e-commerce giant soaring up to $360 billion, far surpassing rival Tencent to become Asia’s most valuable company.
That dramatic leap comes after Alibaba bullishly forecast yesterday that its sales would grow by 49% in 2018, topping average analyst projections by over 10% percentage points. The company has managed to fight off fears of China’s slowing economy by broadening its investments into new sectors beyond just online shopping, becoming major players in industries like cloud computing and video streaming.
According to Bloomberg, this has all resulted in the Alibaba CEO making $2.8 billion overnight, pushing him all the way up to #14 on the Bloomberg Billionaires Index with a net worth of $41.8 billion, helping to put some serious space in between himself and his rival Wang Jianlin ($31.5 billion) in the battle to be China’s richest man.
Anyway, it at least looks like he won’t have to go back to teaching English any time soon.
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