Billionaire Jack Ma earned 3 billion USD in just one night

Jack Ma's huge fortune was earned thanks to 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 record sales growth that beat 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 revenue growth of 45% to 49% in the fiscal year that ended in March. This shows that Alibaba’s investment in online shopping is gradually 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 their music and video streaming businesses 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. Ma said his company’s growth plan changes every 10 years.

He also predicted that Alibaba will become the world's fifth largest company by 2036. This will be achieved by serving China's growing middle class, taking advantage of the growth of global trade and using data to its advantage.

Jack Ma believes strongly in the development of data technology. According to Jack Ma: “The Internet of Things will become bigger and bigger. In the future, no business or country can exist without data.”

According to Vietnamnet.vn