|Billionaire tech tycoon, Jack Ma is raising more than $34 billion in another record-breaking IPO. This movement will further strengthen his place in history as one of the world’s great tech entrepreneurs.
According to an estimation by Bloomberg, the fortune of Jack Ma will soon hit $71.1 billion, making him the 11th richest person in the world.
Jack Ma has created a transformational effect on China’s Internet industry and millions of Chinese consumers through e-commerce giant Alibaba and now Ant Group. It is hard to go anywhere without seeing the impact of Alibaba and Ant in China.
Changes of Ant towards China
Jack Ma created Alipay, the payment business that forms the backbone of Ant. Before Alipay was created, inefficient state-run banks were the only options available for most businesses and consumers. To illustrate, a convenience store owner who needed a few hundred dollars to get through the month probably won’t go to the bank to get a loan. That is because the process is too troublesome.
The creation of Ant changed all of that.
“Ma’s vision from the very beginning was to enable people to essentially do better and give them the tools to do that,” said Kapron.
Ant increases the efficiency of bank loans. People can apply for and get decisions on small loans quickly. Besides, they can pay for things with the tap of a button. At the same time, they can even invest in big money market funds with as little as 15yuan with Ant.
Ant’s market debut will make Ma richer
As stated in the Bloomberg Billionaires Index and the most recent Hurun China Rich List published last week, Ma is already the wealthiest man in China. However, Ant’s IPO will make him even richer.
His fortune will soon exceed Oracle’s Larry Ellison, L’Oreal heiress Francoise Bettencourt Meyers and the individual members of Waltons whose family own Walmart.
Jack Ma will hold on 8.8% stake in the company worth more than $27billion posy-IPO, according to regulatory filings.
In addition, Ant’s debut will also mark the second time Ma has spearheaded a world record-shattering IPO.
Speaking at a business conference in Shanghai last week, Ma touted the fact that the pricing for Ant’s IPO was “determined outside of New York City,” underscoring China’s growing clout in finance and tech.
Ma focus over the years
He stepped down from being a chairman of Alibaba last year and has turned his focus to philanthropic efforts in China and Africa.
Moreover, he has promised to donate 611 million of his Ant shares to the charity.
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