Alibaba is the largest e-commerce company. It has millions of users and has more business than any other online commerce company has. When it makes its debut on Friday on New York Stock Exchange, it will be the biggest initial public offering of the world. With the hype of Alibaba all around, it is high time to go through some facts about Alibaba.
The Amazing Journey of Alibaba to the Biggest IPO
Foundation of Alibaba:
The owner of Alibaba, Jack Ma was an English teacher who started the company from his one bedroom apartment that he lived in, in Hangzhou, Zhejiang province, in 1998.When the company started, the employees used to email American customers in a way that did not indicate they were Chinese in any way. Jack Ma’s Alibaba is not the first website founded by him.
He also started the Yellowpages which were the first ever internet company in China. To set up Alibaba, Jack Ma borrowed $60,000 from 16 people.
He came up with the name while he was sitting in a coffee shop in San Francisco. He called his waitress over and asked her what she knew about Ali Baba to which she replied “Open Sesame.”
Jack Ma says that the name Alibaba reflects how the business has opened up opportunities for small businesses to sell their goods.
Jack Ma-Third Richest Man in China:
Jack Ma is currently China’s third richest person. He has a fortune of $10.3 billion. The float would catapult him as the first richest person in China. He holds 8.9% of Alibaba’s shares.
Domination of Alibaba:
Alibaba dominates 80% of the online commerce market and the online retailing in China. Sales of Alibaba for 2014 are estimated at $420 billion beating Amazon and eBay which had a turnover of $90 billion combined in 2013. Alibaba has about 300 million customers. On a promotional day in November 2013, record sales of $5.6 billion were reported in just one day.