Only recently Yahoo sold of its stakes in Alibaba for $150 Million and today Alibaba is making big claims as it turns ten. It is the second most popular Internet company as well having the second highest Internet offering in Hong Kong’s stock exchange following Google. The big claims it made today are its aims to create 100 million jobs and employ more than 10 million people. Huge numbers and it sounds Jack Ma is living in a Utopia, but given the reach Alibaba has those numbers appear to be pretty achievable and those goals have been set for the next decade.
Tag Archive: alibaba
There is never a chance that Yahoo will miss when it comes to saving money or more importantly raising some cash. It has shut down many of its services which include Geocities, etc and earlier today it sold 57.48 million worth of Alibaba’s shares. Those didn’t go cheap as it bagged a healthy $150 million against those. The sale will be watched over by UBS AG. I personally like the move given that it would bring in more support in the form of new investors. This follows the blunt remark from Jack Ma, CEO Alibaba stated that the search engine’s algorithm hadn’t really been of much help. I am not sure what and how Yahoo has in plans to penetrate the market in China, the number of which had been of primary interest among many a giants.
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Alibaba might not be planning to plunder and make a run off with the forty thieves but the e-commerce giant is quite energized to invest outside China. In accordance to that, the site has plans of launching a major $30 Million ad campaign in the U.S. Along with the money coming in, Alibaba will also increase its U.S staff by three folds. Although Alibaba did report a 15% drop in net income in the previous quarter, but is positive about making bigger investment, believing that these will prove fruitful in the longer run. I am not sure how fruitful it turns out for presently the site fetches a mere 15% of U.S traffic on its international market place.
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While China might be blocking a countless sites in the country, which include Twitter, Plurk and Bing from being accessed for no obvious reason, one of its company, Alibaba Group is all set to expand. The group plans to invest more that $200 million in acquisitions in the coming years. Head of Alibaba’s strategic investment unit, Wei Zhang stated that these investments would follow the $73 million it has already spent for the same purpose lately. He also stated that Alibaba would make those acquisitions in mobile, e-payment areas specifically and the focus will be on global market. While it’s nice that firms from the mainland are shifting focus to be more global, I think it will be even better if it could relax its policies on blocking sites.
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