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Alibaba Is Now Worth $240 Billion

Arielle Samuelson |
September 19, 2014 | 11:56 a.m. PDT

Web Producer

Alibaba opened on the New York Stock Exchange (NYSE) to sky-high stock prices on Sept. 19. Meaning?

For the moment, Alibaba is worth more than Amazon and eBay combined.

Alibaba opened on the NYSE on Friday. (ThinkProgress/Twitter)
Alibaba opened on the NYSE on Friday. (ThinkProgress/Twitter)
See more: Alibaba Plans Largest U.S. IPO Launch

The Chinese online company priced its shares at $68 on Thursday, but ended the day trading at $93.

Some analysts estimate that Alibaba conservatively priced its shares to avoid the same pitfall as Facebook, whose shares plummeted after its initial public offering.

Founder Jack Ma is a former English teacher who started the e-commerce company in his apartment. He is now the richest man in China.

U.S. company Yahoo owns 23 percent of Alibaba's stocks, although it has agreed to decrease its stake to 10 percent upon the company's IPO.

Read more on Bloomberg.

Reach Web Producer Arielle Samuelson here.



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