Billionaire Jack Ma earned 3 billion USD overnight

Jack Ma's huge fortune comes from the remarkable growth of the e-commerce company Alibaba, which he owns.

Billionaire Jack Ma's net worth increased by $2.8 billion overnight, thanks to Alibaba Group Holding's sales growth that surpassed analysts' expectations, despite China's slowing economy.

Billionaire Jack Ma, 52, is currently the richest man in Asia and the 14th richest billionaire in the world. Jack Ma's assets have increased by 8.5 billion USD this year alone, bringing his total assets to 41.8 billion USD.

Billionaire Jack Ma.

Alibaba, China’s largest e-commerce company, saw its revenue grow between 45% and 49% in the fiscal year that ended in March, showing that Alibaba’s investments in online shopping are paying off. As a result, Alibaba’s stock price rose 13%, to a record high.

Alibaba and Tencent, which dominate China’s online shopping and social media markets, are increasingly turning to cloud computing to boost music and video streaming, a move they are making as China’s economy slows. Alibaba has also made significant money by incorporating digital advertising into its shopping sites.

Billionaire Jack Ma's huge fortune increased dramatically overnight.

Alibaba is holding a meeting with investors this week, where Jack Ma took the stage to describe how his business is growing to the size of Argentina, the world’s 22nd largest economy. Jack Ma said his company’s growth plan changes every 10 years.

He also predicted that Alibaba would become the world's fifth-largest company by 2036, thanks to its ability to cater to China's growing middle class, take advantage of the growth of global trade, and make valuable use of data.

Jack Ma is a big believer in the growth of data technology. According to Jack Ma: “The Internet of Things will become bigger and bigger. In the future, no business or country can survive without data.”

According to Vietnamnet.vn