Alibaba Just Became the World's Largest E-Commerce Company

By Bridget O'Donnell

Jack Ma's Alibaba has topped Amazon to become the biggest e-commerce company in the world.

The Hangzhou-based Chinese company reached a market valuation of USD470 billion on Tuesday and officially surpassed its American counterpart to become the world's largest e-commerce platform.

Alibaba first filed for an IPO in the US market in 2014.

Ma, who currently holds the title of China's third richest man, founded the e-commerce giant nearly 20 years ago. Since then, the group has acquired businesses in various fields, such as eBay-style Taobao, and has also begun building a growing digital entertainment division, which includes a portfolio of ticket selling, online video and music streaming services. Last November, Alibaba created a cultural and entertainment group, which integrated video platforms Youku and Tudou, web browser firm UCWeb, Alibaba Pictures, Alibaba Music, Alibaba Sports and Alibaba Digital Entertainment.

Recently, video emerged of Ma delivering a speech to 17 friends on the (then) newly established company in 1999.

https://v.qq.com/txp/iframe/player.html?vid=c0174ira43v&width=500&height=375&auto=0

"I've always said our competitors are not domestic websites, but overseas websites," the young Ma is heard saying in the video. "Our competitors are not in China, but in America's Silicon Valley."

In a meeting at Trump Tower earlier this year, US Tweeter in Chief Donald Trump praised Ma's business acumen, saying he was a "great entrepreneur, one of the best in the world." 

During their get-together, Ma promised to create one million new jobs in the US.

We hope he celebrates this important new milestone by dressing up and performing as Michael Jackson... again.

https://v.qq.com/txp/iframe/player.html?vid=s0548mt2k1c&width=500&height=375&auto=0

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