The war for global supremacy between Alibaba and Amazon is heating up once again with the Chinese mega-retailer briefly surpassing its American rival to become the world’s biggest e-commerce company.
As the below Bloomberg graph shows, Alibaba’s market value topped $472 billion on Tuesday, bringing its cap just above that of Amazon (a mere $471.9 billion), the first time that this has happened in 28 months. Following its blockbuster initial public offering in 2014, Alibaba held the top spot for nine months until excitement finally cooled down a bit.
While Amazon is doing well enough recently, Alibaba is having one heck of a year, exceeding even its own lofty expectations with the company’s stock up over 109 percent since the start of the year. According to Bloomberg, it’s now the world’s sixth biggest company and the biggest in Asia.
And it has no plans of stopping there. After making $2.8 billion overnight in June, Jack Ma was understandably feeling pretty good about his company, estimating that by 2036, Alibaba will be the world’s fifth-largest economy, surpassing the GDP of countries like Germany, the United Kingdom, France and India.
The company has managed to fight off fears of China’s slowing economy by broadening its investments into new sectors beyond just online shopping, becoming major players in industries like cloud computing, video streaming, online payments, bike sharing, car vending machines and live crab claw machines. However, Alibaba’s core interest remains e-commerce where it continues to rake in the renminbi — selling everything from jumbo jets to anti-pervert flamethrowers.
While Alibaba still makes most of its money in China, the company is gradually grabbing hold of Southeast Asia as well, where it is fighting off Amazon in important markets like Singapore. The company even plans to challenge Amazon on its own turf with Ma vowing earlier this year during a meeting with then president-elect Donald Trump that Alibaba will create 1 million American jobs over the next five years.
With all this success, we can’t wait to see what Ma has prepared for Alibaba’s next big bash:
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