NextSharkNextShark.com

Jack Ma Made $2.8 Billion Over the Weekend Because He’s Gangster AF

Jack Ma Made $2.8 Billion Over the Weekend Because He’s Gangster AF

June 12, 2017
SHARE
Jack Ma just became $2.8 billion richer overnight after Alibaba Group’s value jumped by 13.3% on the New York Stock Exchange by Friday morning.
The Alibaba CEO, who now has a net worth of $41.8 billion, jumped several notches on the Bloomberg Billionaires Index, landing on #14. Currently China’s richest man, Ma has definitely gained a comfortable lead over his rival, Wang Jianlin ($31.5 billion), Bloomberg reports.
The E-commerce giant has also surpassed rival Tencent to become Asia’s most valuable company after reaching the $360 billion mark.
Subscribe to
NextShark's Newsletter

A daily dose of Asian America's essential stories, in under 5 minutes.

Get our collection of Asian America's most essential stories to your inbox daily for free.

Unsure? Check out our Newsletter Archive.

Alibaba’s bullish forecast on Thursday that the company’s sales would grow 49% by 2018 reportedly caused the significant spike in value. The company’s forecast exceeded average analyst projections by over 10%.
With such forecast, the company is definitely aiming its target of an ambitious $1 trillion gross merchandise volume by 2020.
According to Ma, Alibaba has become more than just a company but an economy all of its own.
“Five years ago, when the Taobao and Tmall GMV just crossed $170bn GMV, which is RMB1 trillion, I had a crazy idea. I said: ‘What if we could make $1tn by the 20-year anniversary of Alibaba, the year 2019 – today, we call it the 2020 fiscal year – we should meet the $1tn U.S. dollars?’ but I hate the exchange rate,” said Ma at the company’s investor day on Friday.
The company’s recent ventures into new sectors beyond just online shopping have allayed growing fears of China’s slowing economy. Alibaba has so far broadened its investments by engaging in industries like cloud computing and video streaming.
Ma, who grew up poor in communist China, has a well-known rags-to-riches story. After failing his university-entrance exam twice, and got rejected from dozens of jobs, he eventually found success with his third Internet company, Alibaba.
MOST READ
    HAPPENING NOW
      Ryan General

      Ryan General is a Senior Reporter for NextShark

      SHARE THIS ARTICLE:

      RELATED STORIES FROM NEXTSHARK

      Support
      NextShark's
      Journalism

      Many people might not know this, but NextShark is a small media startup that runs on no outside funding or loans, and with no paywalls or subscription fees, we rely on help from our community and readers like you.

      Everything you see today is built by Asians, for Asians to help amplify our voices globally and support each other. However, we still face many difficulties in our industry because of our commitment to accessible and informational Asian news coverage.

      We hope you consider making a contribution to NextShark so we can continue to provide you quality journalism that informs, educates, and inspires the Asian community. Even a $1 contribution goes a long way. Thank you for supporting NextShark and our community.

      © 2023 NextShark, Inc. All rights reserved.