10128
Jack Ma Loses $1.4b as Stocks Drop
World Economy

Jack Ma Loses $1.4b as Stocks Drop

Jack Ma’s fortune dropped $1.4 billion Thursday, the most among the world’s 400 richest people, as Alibaba Group Holding Ltd. shares posted a record slump after the company missed revenue estimates.
The decline allowed property tycoon Wang Jianlin to recapture the title of China’s richest person, according to the Bloomberg Billionaires Index, placing him $400 million ahead of Ma, who’s worth $26.3 billion.
Ma, the 50-year-old chairman of the world’s largest collection of e-commerce websites, has seen his net worth fall $4.1 billion since Alibaba closed at a record Nov. 10.
“I think Jack Ma’s fortune has a lot of room to grow,” said Wang Weidong, an analyst at IResearch, a Shanghai-based Internet consulting firm. “He still has a lot of assets whose value haven’t been fully unlocked.”
Alibaba revenue was 26.2 billion yuan ($4.2 billion) in the third quarter, compared with the 27.6 billion-yuan average of 25 analyst estimates. Ads on mobile phones generate less money than those on desktop computers because of their smaller screens, and transactions on the Tmall platform grew at a slower pace, the Hangzhou-based company said Thursday.
Alibaba shares fell 8.8 percent to $89.81 at the close in New York yesterday, the lowest since Oct. 20, a month after its trading debut.
Wang’s flagship property company and cinema operator sold shares in two public offerings in the past month. Wanda Cinema Line Co. has more than doubled since it started trading Jan. 22 on the Shenzhen exchange.

  Volatile Market
“One’s involved in the online economy, and one’s in the offline economy, so they’re different,” said Wang. “The wealth ranking depends on changes in the market. It’s volatile.”
Ma had become China’s richest person ahead of Alibaba’s initial public offering in September 2014. He briefly overtook Hong Kong’s Li Ka-shing as Asia’s richest, riding a surge in Alibaba stock, which jumped as much as 75 percent after the stock sale.
More than half of Ma’s wealth comes from his 6.3 percent stake in Alibaba, valued at $14 billion. Almost all of the billionaire’s shares are controlled through two British Virgin Islands-based holding companies. He also holds shares in a Cayman Islands entity he controls with Joseph Tsai.
Tsai, the company’s executive vice chairman, lost $547 million yesterday, taking his net worth down to $5.8 billion.
Ma also controls almost half of Zhejiang Ant Small & Micro Financial Services Group Co., a closely held finance unit and owner of Alipay, a service similar to PayPal.

 

Short URL : http://goo.gl/vZcPBS

You can also read ...

Cyber threats are ever-evolving.
The White House released a report that found that the economic...
Global Investors Target Zimbabwe Energy Sector
Zimbabwe has become a magnet for billionaire global firms such...
FAO regional representative Julio Berdegue (R), and the deputy regional representative Eve Crowley.
Identifying territories where rural poverty is most entrenched...
Lagarde Backs Creation of European Monetary Fund
International Monetary Fund chief Christine Lagarde has no...
The country’s GDP grew by 3.2% in 2017 but will  edge down in the coming years.
A report by the International Monetary Fund showed Sunday that...
BSP said the planned RRR cuts are part of the bank’s financial market reforms.
The Bangko Sentral ng Pilipinas said it was reducing banks’...
Asean Labor Flows Hit a Wall
Tighter restrictions on foreign labor in Malaysia and Thailand...
Baby-boomers will start turning 75 or older in 2022, which is expected to trigger a surge in health care and nursing care costs.
Amid stalling inflation and ballooning government spending,...

Trending

Googleplus