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.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Ryu Spaeth is deputy editor at TheWeek.com. Follow him on Twitter.
-
Why social media is obsessed with cortisol
In The Spotlight Wellness trend is the latest response to an increasingly maligned hormone
-
Peter Mandelson called Epstein his 'best pal' in birthday note
Speed Read The UK's ambassador to Washington described the late convicted paedophile as an 'intelligent, sharp-witted man'
-
'Vampire energy' could be causing your electric bill to rise
Under the Radar Wasted energy could account for up to 10% of home use
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstances
Speed Read
-
Western mountain climbers allegedly left Pakistani porter to die on K2
Speed Read
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governor
Speed Read
-
Los Angeles city workers stage 1-day walkout over labor conditions
Speed Read
-
Mega Millions jackpot climbs to an estimated $1.55 billion
Speed Read
-
Bangladesh dealing with worst dengue fever outbreak on record
Speed Read
-
Glacial outburst flooding in Juneau destroys homes
Speed Read
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creature
Speed Read