Ant Group IPO To Rocket Alibaba Founder Jack Ma's Wealth
Umer Jamshaid 1 month ago Tue 27th October 2020 | 10:30 AM
Beijing, (UrduPoint / Pakistan Point News - 27th Oct, 2020 ) :Chinese tech titan Jack Ma is set to become the world's 11th richest person after the financial arm of his e-commerce titan Alibaba raises billions in a mammoth public listing, according to the Bloomberg news.
Ant Group's split float would exceed the $29 billion chalked up by Saudi Aramco in December, a high-profile win for a Chinese company during a period of bad headlines for mainland tech firms as Beijing and Washington face off on a number of fronts.
That would send him rising up Bloomberg's Billionaires Index, with his wealth exceeding that of Oracle's Larry Ellison, L'Oreal heiress Francoise Bettencourt-Meyers, and individual members of the Waltons, whose family own US retail giant Walmart.
Bloomberg said at least 18 other people will become billionaires from the IPO, including director Lucy Peng, the biggest individual Ant owner after Ma, and chairman Eric Jing.
A study last week from the Hurun Report found Ma's wealth had climbed a whopping 45 percent this year, as online shopping firms saw a surge in business owing to people being shut indoors for months during strict lockdowns to contain the virus.