Alibaba founder Jack Ma
Singles’ Day is set to break all kinds of sales records this year. But don’t expect the frenzy to lift chairman Jack Ma’s net worth.
Once the richest person in Asia, Ma controls a $37.4 billion fortune, according to the Bloomberg Billionaires Index. The tycoon’s wealth has dropped 17.6 percent this year, mostly dragged down by the company’s slumping shares. India’s took over to top spot in the region in July.
Singles’ Day has ballooned into world’s biggest shopping phenomenon, generating $25.3 billion in sales last year. The number is sure to grow this year since the company is including sales from its Southeast Asia arm Lazada.
Will Singles’ Day help Jack Ma’s net worth?
The fortune of Alibaba’s chairman has declined by more than $8 billion this year
But shares rarely benefit from all the hype. The stock fell on or after every Singles’ Day since 2014.
Ma said in September that he’s stepping down as chairman of the company’s board in 12 months. Ma will leave the board in 2020.
First Published: Sat, November 10 2018. 21:54 IST