The Chinese online E-Commerce Group Alibaba made its initial public debut after a successful IPO in the US went off without a hitch, with the shares soaring 38% on Friday. By the time The New York Stock Exchange was closing, Alibaba stock was trading at USD$ 90.46 a share. The company sought an IPO in the United States after a deal could not be reached with Hong Kong regulators. while the pricing of the IPO initially raised US$21.8 billion, which later increased to US$25 billion, making it the largest IPO in history. However, buyers werent purchasing actual shares in the group, since China forbids foreign ownership, but rather just shares in a Cayman Islands shell corporation. when Alibaba CEO Jack Ma started the website Alibaba back in 1999, he told his employees two things 1. Alibaba needed to beat Americans, in particularly the Silicon Valley, and learn their hard work ethic. 2. Alibaba employees needed to out-innovate competitors and put in longer days than everyone else. Ma told his employees that an 8 a.m. to 5 p.m. day would not cut it. Everyone knows the internet is a bubble. It keeps getting bigger and bigger, but when will it burst? Yahoo’s stock will fall, and eBay’s stock will rise. And maybe after eBay’s stock rises, Alibaba’s stock will rise. and it finally did. So don’t worry. The dream of the internet won’t burst. We will have to pay a painful price says Jack Ma. In the comfort of his apartment he identifies that his competitors are not domestic (China) but they are global (yahoo and ebay in 1999). Here is the video shot in 1999 in the comfort of his living room giving the speech to his new staff. I like his focus cc Motherlandd Promoz Moses Biggman Olwal https://youtube/watch?v=i4564CkhbM0
Posted on: Sun, 28 Sep 2014 20:46:53 +0000
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