China’s take on Twitter, Weibo, sold an 18 percent stake of itself to major e-commerce site Alibaba today. The two hope to make hundreds of millions of dollars for the social media company while building out a mobile and social commerce mode for Alibaba.
Alibaba chairman Jack Ma said only two companies have ever recorded annual transaction volumes at this level: Wal-Mart and Alibaba.
Chinese e-commerce giant Alibaba has suspended public trading of its shares in Hong Kong as it prepares to buy back its 40 percent stake held by Yahoo.
Asian web powerhouse Alibaba has taken yet another step toward snatching up Yahoo.
Leaders of 10 top Chinese tech firms, including Alibaba CEO Jack Ma (pictured), have pledged to uphold the censorship and surveillance goals of the Chinese government.
In a talk at Stanford University, Alibaba CEO and chairman Jack Ma said, “We are very, very interested” in buying Yahoo, lock, stock and barrel.