A monitor displays live updates of sales figures during the Alibaba Group’s annual November 11 Singles’ Day online shopping event in 2016 (Photographer: Qilai Shen/Bloomberg)

Singles' Day Fever Might Not Help Jack Ma’s Fortune

(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.

Singles' Day Fever Might Not Help Jack Ma’s Fortune

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.

Singles' Day Fever Might Not Help Jack Ma’s Fortune

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.

©2018 Bloomberg L.P.