By Erik Crouch
Chinese “Singles Day” on November 11 (due to 11/11 consisting of all 1’s) saw record online sales for the Alibaba company, specifically shopping sites TMall and Taobao. Alibaba brought in a record 3.1 billion dollars on Singles Day alone; more than twice the 1.25 billion earned on America’s “Cyber Monday” of 2011.
Following this windfall, there are reports that Alibaba plans on buying up to a 20% share in Sina Weibo, which just recently passed a milestone 400 million users. Weibo has only recently begun successfully profiting from its platform, and would likely benefit from the investment as competition tightens with Tencent’s WeChat.