Jack Ma’s name might not be as familiar to Western ears as some of the top-tier US tech billionaires that he ranks alongside. But, in a global context, the Alibaba founder is more important than most of them.
The company that started out in 1999 as an online B2B marketplace has since expanded to provide a whole raft of services and is now preparing expansive moves across the board. Two-and-a-half years After Alibaba became the biggest IPO in US history when it floated on the New York Stock exchange, the now-distinct payments and banking arm, Ant Financial, looks like it may be next. In April last year, a fund-raising round valued it at up to $60bn in its own right – just shy of Goldman Sachs’ market cap at the same time. If it were to successfully go public, it would surely overtake one of Wall Street’s most famous institutions. As China’s relationship with the internet continues to mature and Alibaba adds more and more services and interests to its portfolio, Ma is only going to look like an increasingly influential player on the world stage.
The first thing you tend to hear about Ma is that he’s eccentric. Footage of him on stage at a company event, dressed in a huge white wig, nose ring and sunglasses while singing the theme tune of the Lion King goes some way to proving the point. But it might also cloud the picture of a canny businessman who has been a true pioneer of internet businesses in the world’s most populous country.
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