Jack Ma is making history again with the Ant IPO, and getting even more wealthy while doing it

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 Ant, people can apply for and get decisions on small loans quickly. They can also can pay for things with the tap of a button and they can invest in big money market funds with as little as 1 yuan .

Ma — who has"ultimate control" over Ant — will hold an 8.8% stake in the company worth more than $27 billion post-IPO, according to regulatory filings. Alibaba shunned Hong Kong for its market debut in 2014 because the exchange refused to allow it to list with dual-class shares, a corporate structure that gives management more power. Hong Kong changed its rules in 2018, enabling Alibaba to list secondary shares in the city last year. When Shanghai's new tech board launched last July, it fell in line with the New York Stock Exchange, Nasdaq and Hong Kong by allowing listings of companies with dual-class shares or weighted voting rights.

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