Business

Jack Ma gains $2.8 billion in one day

09 Jun 2017 | By Anish Chakraborty

The founder and executive chairman of Alibaba Group, Jack Ma became Asia's richest man and the 14th wealthiest man in the world; his net worth surged from $8.5 billion to $41.8 billion this year.

Final push to this rise took place as Alibaba Group Holding Ltd forecast a revenue growth of 49% from 45% in the year ending in March.

Here's all about it

In context: Alibaba's Jack Ma becomes Asia's richest man

09 Jun 2017Jack Ma gains $2.8 billion in one day

RevenueLeap to the future paid off

China's largest e-commerce company is riding high on revenue from new areas such as cloud computing services and its flourishing music and video streaming businesses.

Alibaba also captures a large share of digital advertising with its inclusion of elements like videos in its shopping sites.

These ventures have successfully paid off and with the announcement, Alibaba shares rose 13% to a record high.

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An unlikely benefactor

YahooAn unlikely benefactor

This good fortune was also shared with an erstwhile giant, Yahoo, which owns 15% stake in Alibaba; its only substantial clout from its glory days.

Its shares soared and managed to close at $55.71, which is a near-17-year high, considering it last closed at a decent $55.72 in 2000.

Yahoo will be transformed into Altaba, after it sells off its advertising wing to Verizon.

AcumenWant some business wisdom?

Jack Ma, who is often known for his eccentricity and business acumen, is ready to impart his wisdom to entrepreneurs; but don't expect it to be a hum-drum run-of-the-mill affair.

For 100,000 yuan or roughly Rs. 9,45,339, a budding entrepreneur will be given tai chi philosophy lessons by the maestro in six classes, each of which will last for three days.