A Chinese company named Alibaba went public this past Friday, with shares opening at $92.70 — a 12 months jump on top of the initial ipo value of $68. More than 100 million shares were listed within 20 minutes; the day’s total was over 271 million shares. All in all, Alibaba raised nearly 22 billion dollars so far, creating it the most important U.S. ipo (Facebook brought in $16 billion once it went public over 2 years ago) and possibly the largest one in the world.
Alibaba started as a B2B online portal in 1999 and now, it’s one among the largest internet based company within the world. Post Alibaba’s ipo launch this Thursday, It turned out to be the biggest U.S. ipo within the history. Simply to give you an idea, Alibaba’s ipo is larger than Google, Facebook, and Twitter combined.
10 Interesting Facts About Alibaba :
Jack began his career as an English teacher.
Jack Ma was an English teacher by profession and knew little about computers. He claims to not know much more regarding computers than the way to send and receive e-mail.
His 1st salary was simply 12-15 USD per month.
At the University where he taught English, he was the only teacher assigned to 500 students. His pay was 100 to 120 Renminbi, that is around $12 to $15 per month. Before moving on, he instructed there for 5 years.
He used to guide tourists at no cost for 8 years and that’s how he learned speaking English fluently.
When Jack was 12 years old, he grew a robust want to learn English. He’d guide tourists from foreign countries for free and learn English by conversing with them. It went on like this for 8 years.
He was almost killed by an american businessman in 1995.
In 1995, Jack traveled to the United States of America for helping one among the Chinese firm to recover their money from an American businessman and there he tough the surprising. Instead of returning the money, the businessman threatened him by showing gun and latched him in his house for 2 days. Jack came out of this situation by promising him that he’d begin an internet company in China in partnership with him. Although, he knew little about internet at that time.
- He took first step towards the web by building websites for Chinese companies.
After the incident mentioned higher than Jack took first step towards the internet world and he started building websites for Chinese companies.
In an interview he told ‘the day we got connected to the web, I invited friends and television people over to my house, and on a very slow dial-up connection, we waited 3 and a half hours and got half a page…. We drank, watched TV and played cards, waiting. However i used to be so proud. I proved (to my house guests that) the internet existed.’
He raised initial round of funding for Alibaba within two hours. It was $60,000.
In 1999, I gathered 18 people in my apartment and spoke to them for 2 hours about my vision. Everyone put their money on the table and that got United States $60,000 to start Alibaba.
After 6 months they raised second round of funding from Goldman Sachs.
This is why Jack selected the name ‘Alibaba’.
Jack was always clear that he wanted to take his company to the global level and that’s why he wanted a worldwide name. Alibaba is easy to spell, and people all over associate that with “Open, Sesame,” the command that ali baba used to open doors to hidden treasures in One Thousand and One Nights.
- Jack Ma is that the first mainland Chinese entrepreneur to appear on the cover of Forbes.
An interesting conversation between Jack Ma and his wife Zhang Ying.
Zhang was one amongst the founding members of Alibaba and this conversation was after one or two of years company was launched.
Zhang asked her husband how much money the company had created, and Ma raised a single finger. “Ten million yuan (US$1.6 million)?” Zhang asked, and Ma said no. “A hundred million (US$16 million)?” she asked, and Ma said no again. “One million (US$160,000),” Ma said to Zhang’s disappointment, until he added, “a day.”
In an interview he mentioned the reason behind his success. I bet you want to know this.
There were 3 reasons why we survived. We had no cash, we had no technology, and that we had no plan. Every dollar, we used terribly carefully.
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