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  • 05.25.16

Alibaba is being investigated by the SEC over Singles’ Day shopping extravaganza

It’s bigger than Cyber Monday and Black Friday combined–Singles’ Day is the largest shopping event in the world. On that day, Alibaba records more than $13.7 billion of sales in a 24-hour period (that’s more than $158,000 in sales per second). But now the U.S. Securities and Exchange Commission is asking questions about whether the Chinese e-commerce giant’s accounting practices violated the law. The regulator recently requested operating data about Singles’ Day as well as other information, Alibaba reported in its latest securities filing. [Image:  Flickr user UNclimatechange]MB