the Chinese internet giant, made a frenzied debut on the New York Stock Exchange on Friday ending its first day as a public company valued at over $231bn, more than Facebook or Amazon and eBay combined.
The biggest ever share sale in the US got off to a flying – if delayed – start on Friday as investors snapped up stock. Shares initially priced at $68 reached a high of $100 at one point before settling back to $93.89 by th
e end of the day, up 38%.
Founded by Jack Ma, a former English teacher who started the site from his one-bedroom apartment in Hangzhou in 1998, Alibaba now controls 80% of online commerce in China.
Ma cemented his position as China’s richest man with the sale. The value of his Alibaba shares is now close to $19bn.
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