TEMPO.CO, Shanghai – After recording the biggest IPO deal in history, Alibaba founder Jack Ma becomes the richest man in China. The e-commerce giant, which he founded 15 years ago, raised Jack more than US$800 million in a successful float at the NYSE, giving him a net fortune of nearly US$25 billion, according to the 'Hurun Rich List 2014' released by the Hurun Research Institute on Tuesday.
Jack founded Alibaba 15 years ago. Last year, the former English teacher only had a net worth of US$4 billion, he wasn't even on the top 20 richest list.
In 1999, Ma started Alibaba's online shopping business from his apartment. When the Internet began reaching China, Alibaba started off as a site for small and medium businesses to trade online.
Today, Alibaba is the biggest online trading company in the world. As of December 31, 2013, Alibaba booked US$6.5 billion in revenues, netting US$2.85 billion in profits.
JAYADI SUPRIADIN | BERNADETTE CHRISTINA MUNTHE | AFP | NEW YORK TIMES | FORTUNE | WASHINGTON POST