Tech, Jack Ma İs Making History Again With The Ant Ipo, And Getting Even More Wealthy While Doing İt - Cnn

Tech, Jack Ma İs Making History Again With The Ant Ipo

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

Billionaire tech tycoon Jack Ma is raising more than $34 billion in yet another record breaking IPO, further cementing his place in history as one of the world's great tech entrepreneurs.

10/27/2020 12:30:00 PM

Billionaire tech tycoon Jack Ma is raising more than $34 billion in yet another record breaking IPO, further cementing his place in history as one of the world's great tech entrepreneurs.

Billionaire tech tycoon Jack Ma is raising more than $34 billion in yet another record breaking IPO, further cementing his place in history as one of the world's great tech entrepreneurs.

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 e-commerce giant Alibaba (BABA) and now Ant Group, Ma has had a transformational effect on China's internet industry and on hundreds of millions of Chinese consumers. It's hard to go anywhere in China and not see the impact of Alibaba and Ant, said Duncan Clark, author of"Alibaba: The House That Jack Ma Built" and chairman of investment advisory firm BDA China. If you live in China,"you're going to be touching the companies that Jack founded pretty much every day, and almost every hour in some cases," Clark said. Jack Ma and China's riseRead MoreIt's more than just using an app or an online shopping website that Ma helped build. A massive number of Chinese"associate these products with the last 10 years of rising prosperity," Clark said."There's an emotional element to it."Ant Group raises $34 billion in world's largest IPOMa created Alipay — the payments business that forms the backbone of Ant — as a side project to plug a hole in China's nascent online shopping industry. Before Alipay was created, inefficient state-run banks with reputations for poor customer service were the only options available for most businesses and consumers. A convenience store owner who needed a few hundred dollars to get through the month would likely not have bothered going to the bank to get a loan because it would have been too troublesome, said Zennon Kapron, founder of financial technology consulting and research firm Kapronasia. Ant changed all that. "[Ma's] vision from the very beginning was to enable people to essentially do better and give them the tools to do that," said Kapron. 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 (15 cents). Ant's market debut will make Ma a lot richerMa's accomplishments are well known in China. Edith Yeung, China internet expert and general partner with Race Capital, rattled off a list of hurdles that should have stood in the way of his success: He is short, grew up during China's turbulent Cultural Revolution, had no family connections, didn't have an Ivy League degree and founded Alibaba in 1999, two years before the dotcom bubble burst. Ma represents"the ultimate Chinese dream," Yeung said. That"somebody like him, with all the wrong formula [for success] can get to this point, it's just amazing and astonishing," she said. "Chinese people look up to him because he looks just like us and he [achieved] mega success, Silicon Valley-style," she added. Ma is already the wealthiest man in China, according to the Bloomberg Billionaires Index and the most recent Hurun China Rich List published last week. Ant's IPO will make him even richer. How Jack Ma built China's money supermarket into a $200 billion companyMa — 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. His fortune will soon exceed that of Oracle's (ORCL) Larry Ellison, L'Oreal (LRLCF) heiress Francoise Bettencourt Meyers and individual members of the Waltons, whose family own Walmart (WMT), according to Bloomberg.Ant's market debut will also mark the second time Ma has spearheaded a world record shattering IPO. He was on the floor of the New York Stock Exchange when Alibaba raised an eye popping $25 billion in 2014. It was the largest ever IPO at the time, and was surpassed just last year by Saudi Aramco's $29.4 billion float. Ant announced on Monday that it is raising more than $34 billion through dual listings in Hong Kong and Shanghai. 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🇨🇳 approves this tweet So how much of Alibaba do you really own if you own this stock? 0%. I would buy this the first day and sell it the second and never look back. More garbage in the market. Why? China has never invaded any country in history, and has always appeared as a victim. Where does your hatred come from?

In his company staffs are forced to go 996 (start at 9 am end in 9 pm, 6 days a week), and without any bonus payments. This is how he get rich is Hunter I’m on this one? Biden loves China, another opportunity for Hunter Biden. Trumps children are campaigning for Trump, where is crooked Hunter Biden ? With the deformed head!

Part of the reset sick Millions of people have lost their jobs. Millions of people can no longer pay their rent. Millions of people can no longer buy food for their children. Should I applaud this tweet now? Tony Bobulinski If you looking for any Stationary Design then I am requesting you to please visit here

He’s a figurehead for the CCP.

Enjoy these delightful jack-o'-lanterns inspired by famous people named Jack'This Is Us' fans deserve a Jack Pearson-o'-lantern.

Jack Ma: Global banking rules are outdated, set by 'old people's club' - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. I see you Jack Ma 👀👀👀 Looking for Awesome Logo, Brochure, Flyer, Brand Identify, Business Card, Background Remover?Contact

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Cover design notes on our 23rd birthday – LucireRather than tell the story about Lucire's founding again, founder and publisher Jack Yan makes a few brief notes on the look of our covers

Ant Group closes Hong Kong book early due to strong demand for its record dual IPOAnt Group will close its Hong Kong institutional book building process a day earlier than expected due to strong demand for its record initial public offering (IPO),

Slim pickings: Ant to pay bankers up to $198 million in fees for Hong Kong IPOChina's Ant Group will pay bankers selling its shares in Hong Kong up to $198 million in underwriting fees, its filings showed on Monday, in line with a trend of large issuers sharing a small portion of their fundraising with advisers. Must be a very rich ant Adding 'Group' to 'Ant' makes the tweet a little less surreal. Last Saturday Night’s Take Away cost them a fair whack!