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The Rich Get Richer: Alibaba's Jack Ma Made an Extra $2.8 Billion This Week
Billionaire Alibaba founder and chairman Jack Ma made another $2.8 billion this week after the e-commerce behemoth’s growth forecast topped every analyst’s projection, Bloomberg reports.
The richest person in Asia and 14th richest person in the world according to the Bloomberg Billionaires Index, Ma’s net worth has grown $8.5 billion so far this year to $41.8 billion.
Alibaba is projecting 45 to 49 percent growth in revenue over the year ending in March, Bloomberg reports. Shares of the company rose a record 13 percent after the growth forecast was announced.
Alibaba is holding meetings with investors this week. On Friday, the former English teacher said he wasn’t going to discuss corporate forecasts. He took the stage instead to describe how his company had become effectively the world’s 22nd largest economy — just after Argentina — in terms of transactions by never fearing to think big. Ma, who said Alibaba revises 10-year plans annually, foresaw the company becoming the fifth-largest eventually by 2036 by serving a burgeoning Chinese middle classes, taking advantage of global trade and making use of its valuable trove of data.
Perhaps Ma has now amassed a sufficient enough financial war chest that will allow him to go to battle with the robot CEOs of the future.