I for one welcome our new Chinese overlords.
Via Bloomberg:
Alibaba Group Holding Ltd. surged in its U.S. trading debut, after the company raised a record-breaking $21.8 billion in an initial public offering.
The Chinese company’s shares rose 38 percent to $93.89 in New York today, after the IPO was priced at $68. The e-commerce company, which started in 1999 with $60,000 cobbled together by founder Jack Ma, is now valued at $231.4 billion.
That makes it larger than Amazon.com Inc. and EBay Inc. combined, and more valuable than all but 10 companies in the Standard & Poor’s 500 Index.