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Alibaba Soars In Largest IPO In U.S. History

Founder Jack Ma now stands as China’s richest man with an estimated net worth of $21.9 billion.

Alibaba Soars In Largest IPO In U.S. History
[Photo: Flickr user Charles Chan]
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Alibaba made its debut Friday on the New York Stock Exchange as the largest initial public offering in U.S history.

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Opening at $92.70 a share–36% higher than its IPO price of $68–Alibaba’s market capitalization Friday morning reached $228.5 billion–higher than Amazon, Facebook, eBay, and General Electric, but still lagging behind Google, Apple, and Microsoft. (Update: The stock closed at $93.89, up 38%.)

The debut got off to a rocky start, with trading delayed by more than two hours due to an imbalance in buy and sell orders. In the first 20 minutes of its opening, more than 100 million shares were traded.

With Alibaba public, founder Jack Ma–who owns 7.8% of the company–now stands as the richest man in China, with an estimated net worth of $21.9 billion, according to Bloomberg.

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About the author

Based in San Francisco, Alice Truong is Fast Company's West Coast correspondent. She previously reported in Chicago, Washington D.C., New York and most recently Hong Kong, where she (left her heart and) worked as a reporter for the Wall Street Journal

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