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Jack Ma, the former English teacher who co-founded Alibaba Group Holding Ltd. with $ 60,000, is poised to become the 11th richest person in the world after Ant Group Co. listed the shares for a public offering initial record.
Ma’s 8.8% stake is worth $ 27.4 billion based on the share price of Hong Kong and Shanghai. This will boost the 56-year-old’s fortune to $ 71.6 billion on the Bloomberg Billionaires Index, beating that of Oracle Corp.’s Larry Ellison, L’Oreal SA heir Francoise Bettencourt Meyers and individual members of the Waltons, whose family owns Walmart Inc ..
Ant’s giant stock price is poised to increase the fortunes of a group of early investors and employees. The company has been awarding stock-based awards to staff since 2014, and at least 18 other people have become billionaires with the IPO. Lucy Peng, head of the payments giant, is Ant’s largest individual owner after Ma, with a stake of $ 5.2 billion. President Eric Jing’s stake is worth $ 3.1 billion.
Ant will raise nearly $ 35 billion, surpassing Saudi Aramco’s $ 29 billion sale last year. Shanghai’s stock was priced at 68.8 yuan ($ 10.27) each and its Hong Kong stock, Hong Kong dollars ($ 10.32) each. The company could raise an additional $ 5.2 billion if it exercised its green shoe options, bringing its market value to around $ 320 billion. It would be more than JPMorgan Chase & Co. and four times bigger than Goldman Sachs Group Inc.
The big winners on the list own their shares through two joint-stock companies registered in Hangzhou that together own about 40% of Ant.Alibaba, in turn, owns a third of the fintech company. Hong Kong’s Li Ka-shing, the family behind a French supermarket giant, the son of a Taiwanese real estate billionaire, and Chinese retail tycoon Shen Guojun are among other owners who have invested in the company over the year.
Ant started when Alibaba launched the Alipay payments app in 2004 as an escrow service for buyers and sellers on Ma’s e-commerce site. In 2013, they had a chance to save money and earn interest on balances. . stored in your accounts. The firm then began offering credit to small businesses, diversifying its focus on consumer finance and eventually expanding to services such as blockchain, cloud computing, and artificial intelligence.
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