Technology business tycoon Jack Ma is fund-raising over $34 billion for a new IPO (Initial Public Offering) set to break another record for his Ant Group, as well as cement his historic place in the technology sector as one of the most successful entrepreneurs in the world.
Share sales of the finance-tech company, Ant Group, will position Ma close to the richest business tycoons in history. An estimate published by Bloomberg positions the 56-year-old with a net worth of a little over $71 billion, which will rank him as the 11th richest person worldwide.
Ma has succeeded at transforming China’s internet commerce through his e-commerce Alibaba Group and, with the addition of their affiliate Ant Group, has impacted hundreds of millions of consumers in China with everything from online shopping to everyday apps which are associated with Ma becoming a household name over the past decade.
With the creation of Alipay, Ma’s Ant Group was able to fulfill the need for a business payment application in China’s vast retail shopping industry. Alipay made small business loans easily accessible and helped merchants improve their customer service by giving them access to funds and tools they otherwise would have had trouble obtaining. Ma’s vision has also revolutionized the way Chinese consumers can apply for, and receive quick approval on, personal loans as well as make purchases and investments with the tap of an app button.
Ann Sullivan is a contributing staff writer covering national and world news topics. She brings dedicated experience having written international and domestic news, blogs, and web content for over 20 years. She’s also a published poet and graphic designer with degrees in Business and Graphic Communications and has been a music distributor, music industry sponsorship sales director and band manager.