(Bloomberg) -- Singles' Day is set to break all kinds of international sales records this year. But don't expect the frenzy to lift Alibaba chairman Jack Ma's net worth.
Once the richest person in Asia, Ma controls a $37.4 billion fortune, according to the Bloomberg Billionaires Index. The Alibaba tycoon's wealth has dropped 17.6 percent this year, mostly dragged down by the company's slumping shares. India's Mukesh Ambani took over to top spot in the region in July.
Singles' Day has ballooned into world's biggest shopping phenomenon, generating $25.3 billion in sales last year. The number is sure to grow this year since the company is including sales from its Southeast Asia arm Lazada.
But Alibaba shares rarely benefit from all the hype. The stock fell on or after every Singles' Day since 2014.
Ma said in September that he's stepping down as chairman of the company's board in 12 months. Ma will leave the board in 2020.
To contact the reporter on this story: Venus Feng in Hong Kong at vfeng7@bloomberg.net
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Peter Newcomb, Matthew G. Miller
©2018 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
