There still seems to be plenty of money around if you’re in the right business.
The upcoming IPO of Ant Group, founded by Alibaba founder Jack Ma, has been priced at a level which will create 18 billionaires among employees and investors.
Ma’s stake will be worth $27.4 billion which, added to the fortune he made from Alibaba, will make him the world’s 11th richest person worth $71.6 billion.
Ant, valued at over $300 billion, runs Alipay – one of China’s two biggest mobile payment systems.
Last year, Ant earned $2.7 billion in profit on $18 billion in revenue.
Ma has built Ant in the teeth of opposition from the banks. Ant provides a raft of financial services for small businesses and people. The Ant model is now seen as the future of finance.
Twelve years ago Ma said: “If the banks don’t change, we’ll change the banks.”
The banks didn’t change.
Source: electronicsweekly
