Jack Ma to be 11th richest man

 

Jack Ma, the co-founder of Alibaba is set to become 11th richest man in the world after Ant Group Co. initial public offering.

Jack Ma has 8.8% stake of worth $27.4 billion based on the stock pricing in Hong Kong and Shanghai. After the IPO the worth would reach to $71.1 billion on the Bloomberg Billionaires Index, leaving behind the Larry Ellison of Oracle Crop's , Francoise Bettencourt Meyers of L'Oreal and the individual members of the Waltons.

Ant is set to beat Saudi Aramco by raising $35 billion compared to $29billion of Saudi Aramco last year. The company could raise another $5.2billion if it exercise its green shoe options, taking its market value to about $320 billion. By this Ant will surpass the  JPMorgan Chase & Co. and Goldman Sachs Group Inc by four times.