China’s richest man is the new money Internet billionaire Ma Huateng, the founder and CEO of Tencent, who recently took the top spot in China from fellow billionaire Jack Ma, the founder of Alibaba.
Ma Huateng is worth $52.9 billion, while Jack Ma is worth $43.9 billion, according to Forbes.
WHO IS JACK MA?
Ma Huateng was born in Guangdong province, China, according to Encyclopedia Brittanica. He co-founded Tencent just five years after graduating with a bachelor’s in computer science from Shenzhen University. He’s also known as “Pony Ma” because his surname translates to “horse” in English.
Tencent is China’s social media giant and so much more. It developed WeChat, which now has 1 billion active monthly users, and has expanded into gaming and entertainment, even spinning off its music streaming business to partner with Spotify.
Tencent Music Entertainment has yet to debut an IPO on the New York Stock Exchange, unlike Jack Ma’s Alibaba, which set records with its $25 billion IPO.
WHAT TYPE OF ECONOMY DOES CHINA HAVE?
Alibaba is a giant e-commerce platform that is Amazon’s rival in Asia. It has customers around the world and hit $1 trillion in gross merchandise volume, Alibaba announced in May.
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Jack Ma, 55, stepped down from his post as the corporation’s executive chairman in 2019.
These tech billionaires are now China’s richest men as the country embraces integrating technology into daily life, especially in its cities. However, tens of millions of Chinese people still live in poverty.
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