Here's why Singles' Day fever might not help Jack Ma's net worth

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