Jack Ma makes US$2.8b overnight

JACK MA is richer by US$2.8 billion (RM119 billion) overnight after the value of his Alibaba Group jumped by 13.3% on the New York Stock Exchange on Friday.

The total value of China's largest e-commerce giant is now US$360 billion, surpassing rival Tencent to become Asia's most valuable company.

That dramatic leap comes after Alibaba bullishly forecast yesterday that its sales would grow by 49% in 2018, topping average analyst projections by over 10% percentage points.

Ma, 52, is now the richest person in Asia and 14th wealthiest in the world, according to the Bloomberg Billionaires Index. His net worth has climbed US$8.5 billion this year to US$41.8 billion.