Alibaba’s share price reaches record high
Shares in Alibaba soared to a record high of $100.45 today, valuing the Chinese etail giant at more than $247bn (£152bn), taking it above US rival Wal-Mart for the first time.
Alibaba’s share price rose 2.8 per cent during mid-morning trading today.
It listed on the New York Stock Exchange last month at $68 a share, giving the firm a historic opening market valuation of $167.6bn – but that figure has become dwarfed.
On the day it listed, Alibaba’s share price jumped to $99, and has grown further in the last week.
Wal-Mart meanwhile has experienced a different trajectory in recent days. Its share price dropped as low as $76 this morning, valuing it at around $245bn.
As the company he founded in 1999 went public, Jack Ma told CNBC: “We want to be bigger than Wal-Mart.”
Based on market valuation alone, Ma – who is now China’s richest man – has already succeeded in that aim.
Source: cityam- Alibaba’s share price reaches record high
