Speed Reads

yowza

Alibaba begins trading at a crazy $92.70 per share

Alibaba, the Chinese internet behemoth that is a cross between Amazon, eBay, and Google, launched its highly anticipated IPO on the New York Stock Exchange on Friday — and promptly began trading at $92.70 a share, far higher than its Thursday asking price of $68 per share.

Alibaba was already expected to launch one of the largest IPOs in history, but the company is on track to easily surpass Facebook as the second-most valuable internet company in the world in terms of market value, behind Google.

Check back later in the day for Alibaba's closing share price.