Hong Kong - Jack Ma’s net worth surged $2.8 billion overnight as Alibaba
Group Holding forecast sales growth that topped every analyst’s estimate,
Ma, 52, is now the richest person in
The latest surge came after
Alibaba and Tencent Holdings, which dominate online shopping and social media, respectively have ventured deeper into new areas from cloud computing services to streaming music and video as the country’s economy slows. Alibaba is capturing more digital advertising spending by incorporating social elements such as video in its shopping sites.
Alibaba is holding meetings with investors this week. Ma is scheduled to appear Friday to discuss the company’s initiatives. Alibaba Adds $42 Billion in Market Cap on Strong Sales Forecast.