Friday, September 19, 2014
NEW YORK (AP) — Alibaba's stock is surging as the Chinese e-commerce powerhouse begins its first day trading as a public company.
The stock opened at $92.70 and nearly hit $100 on the New York Stock Exchange today, a gain of 46 percent from the initial $68 per share price set Thursday evening.
At today's opening price, the company is worth $228.5 billion, more than companies such as Amazon, Ebay and even Facebook.
Jubilant CEO Jack Ma stood on the NYSE trading floor today as eight Alibaba customers, including an American cherry farmer and a Chinese Olympian, rang the opening bell from the floor of the stock exchange.