Jack Ma, the founder and executive chairman of China’s ecommerce giant Alibaba, got $1.3 billion richer in the day following his company’s latest quarterly earnings announcement, released on Thursday afternoon, last week.
Alibaba has been hitting some serious numbers that includes 58% jump in the revenue alone over the prior year.
The release of the company’s latest quarter earnings immediately shot its shares by 5% and an additional rise of 2% the next day. This proved to be a very lucrative 24hour stretch for Ma.
Jack’s worth is now around $37.4 billion as per Forbe’s real-time ranking of the world’s richest people.
Ma is the China’s richest man followed by Tencent Holding’s chairman Ma Huateng, who is around $1 billion behind him and at 19th position in the list of world’s richest person.
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Alibaba, which has a market capitalization of about $425 billion as of Friday’s close of markets, has posted strong numbers in recent quarters, particularly in its cloud-computing and e-commerce divisions. Investors have been pleased with its results; company shares are up over 90% so far this year as per Forbes.
Alibaba was launched back in ’99 by 17 co-founders, under Jack where he owned the majority stakes in the company. From 1999 to 2000, Alibaba Group raised a total of US$25 Million from SoftBank, Goldman Sachs, Fidelity and some other institutions, while becoming profitable from December, 2001.
As an online retailer, Ma’s net worth has increased by five times in the last four years alone.
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