China’s richest feels great pain


Alibaba founder thinks ‘being so wealthy’ is difficult; cherishes good old days

He may now be China’s richest man but Jack Ma, the founder of e-commerce giant Alibaba, has admitted in a US television interview that being so wealthy is actually causing him “great pain”.

Mr Ma has seen his fortune balloon to $19.5 billion after Alibaba’s record-breaking $25 billion initial public offering on the New York Stock Exchange in September, according to data compiled by Forbes magazine.

On Tuesday, the company chalked up a new record $9.3 billion of sales conducted through its platforms during Singles Day, its 24-hour shopping promotion and the world’s biggest online retail event.

But a successful stock listing and vast fortunes have caused him stress, Mr Ma said in an interview with US business news channel CNBC Tuesday.

“This month I’m not very happy, I think too much pressure,” Mr Ma told the broadcaster.

“Maybe the stock goes so up, maybe people have high expectations on you, maybe I think too much about the future and have too many things to worry about,” he said.

Alibaba’s share price has been on a steady uptrend since it debuted in New York two months ago. It closed at $114.54 on Tuesday, representing a nearly 70 per cent gain from its offer price of $68.

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