Sin­gles’ Day fever might not help Jack Ma’s for­tune

Business Standard - - WORLD - VENUS FENG BLOOMBERG

Sin­gles’ Day, sched­uled to be ob­served on November 11, is set to break all kinds of in­ter­na­tional sales records this year. But don’t ex­pect the frenzy to lift Alibaba chair­man Jack Ma’s net worth.

Once the rich­est per­son in Asia, Ma con­trols a $37.4 bil­lion for­tune, ac­cord­ing to the Bloomberg Bil­lion­aires In­dex. The Alibaba ty­coon’s wealth has dropped 17.6 per cent this year, mostly dragged down by the com­pany’s slump­ing shares. In­dia’s Mukesh Am­bani took over to top spot in the re­gion in July.

Sin­gles’ Day has bal­looned into world’s big­gest shop­ping phe­nom­e­non, gen­er­at­ing $25.3 bil­lion in sales last year.

The num­ber is sure to grow this year since the com­pany is in­clud­ing sales from its South­east Asia arm Lazada.

But Alibaba shares rarely ben­e­fit from all the hype. The stock fell on or af­ter every Sin­gles’ Day since 2014.

Ma said in Septem­ber that he’s stepping down as chair­man of the com­pany’s board in 12 months. Ma will leave the board in 2020.

But Alibaba shares rarely ben­e­fit from all the hype. The stock fell on or af­ter every Sin­gles’ Day since 2014

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