Jack Ma’s net worth increased $2.8 billion overnight as Alibaba’s forecast sales growth topped analysts’ estimates.
Ma, now the richest person in Asia and Alibaba’s chairman, now has a net worth of $41.8 billion, according to Bloomberg. Ma’s net worth has already grown by $8.5 billion this year alone, and stands as the 14th wealthiest person in the world.
Alibaba is the largest e-commerce company in China.
The company saw a forecast revenue growth of 45 to 49%. Shares rose 13% to a record high as well, prompting Ma’s net worth growth, Bloomberg reported. The company is also moving into other services including music streaming and video.
Ma founded Alibaba in 1998.