Deals
Alibaba Overtakes Amazon as Most Highly Valued Online Retailer
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Alibaba Group Holding Ltd. is knocking Amazon.com Inc. off its perch as the world’s largest online retailer by market capitalization, signaling the ascendance of a global rival for investor and consumer dollars.
Alibaba begins trading on the New York Stock Exchange today after pricing its initial public offering yesterday at $68 a share, putting the Hangzhou, China-based company’s valuation at $167.6 billion. That exceeds Amazon’s market capitalization of $150.2 billion, as of its closing price in New York yesterday of $325.