Alibaba founder becomes richest man of Asia

Jack Ma, the founder of the Chinese corporation Alibaba, became the richest man in Asia, overtaking the owner of the Indian holding Reliance Industries Mukesh Ambani, Report informs via TASS.

It estimates the businessman's fortune at $44.5 billion, making him the 18th richest man on the planet. The condition of Ambani, which lost about $5.8 billion over the past 24 hours, according to Bloomberg, is 41.8 billion (19th place in the rating). Experts of the agency note that Ma managed to minimize losses (according to the agency, the loss of the businessman was about $1 billion per day) due to the increased demand for mobile applications and data processing services through cloud storage company.

Alibaba was founded in 1999 and is considered one of the largest e-commerce and digital payment organizations in the world. Jack Ma retired on the 20th anniversary of the company, on September 10, 2019.