The online giant chain company Alibaba owned by a Chinese man, Jack Ma, is now taken lead in the world market. This is one of the companies you never heard of some years back but, today, they are the one leading. The company started trading on the New York Stock Exchange Friday after the biggest initial public offering in human history.
The share opened at $92.70 per unit. it represent an immediate 36 percent windfall for insiders who got the stock at its $68 IPO price the e-commerce coy now worth about $228 billion, or more than Facebook, finance blogger/conspiracy theorist Zerohedge tweeted:
The company (Alibaba) founder Jack Ma, ended the day with a stake in the company worth about $18 billion, making him the richest man in China. That’s not to mention the $867 million he made selling shares in the IPO.
Credit: CNN
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