28 days ago
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About this Deal
Billionaire tech tycoon Jack Ma is raising more than $34 billion in yet another record breaking IPO, further cementing his place in history as one of the world's great tech entrepreneurs.
Financial tech company Ant Group's share sale in Hong Kong and Shanghai — the biggest in history — will catapult Ma to within striking distance of the globe's richest elites. Bloomberg estimates that the 56-year-old's fortune will soon hit $71.1 billion, positioning him as the 11th wealthiest person in the world.
Through e-commerce giant Alibaba (BABA) and now Ant Group, Ma has had a transformational effect on China's internet industry and on hundreds of millions of Chinese consumers. It's hard to go anywhere in China and not see the impact of Alibaba and Ant, said Duncan Clark, author of "Alibaba: The House That Jack Ma Built" and chairman of investment advisory firm BDA China.
If you live in China, "you're going to be touching the companies that Jack founded pretty much every day, and almost every hour in some cases," Clark said.