Alibaba Just Became the World's Largest E-Commerce Company

By Bridget O'Donnell, October 12, 2017

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Jack Ma's Alibaba has topped Amazon to become the biggest e-commerce company in the world.

The Hangzhou-based Chinese company reached a market valuation of USD470 billion on Tuesday and officially surpassed its American counterpart to become the world's largest e-commerce platform.

Alibaba first filed for an IPO in the US market in 2014.

READ MORE: Huawei, Alibaba Now More Powerful Than Countries

Ma, who currently holds the title of China's third richest man, founded the e-commerce giant nearly 20 years ago. Since then, the group has acquired businesses in various fields, such as eBay-style Taobao, and has also begun building a growing digital entertainment division, which includes a portfolio of ticket selling, online video and music streaming services. Last November, Alibaba created a cultural and entertainment group, which integrated video platforms Youku and Tudou, web browser firm UCWeb, Alibaba Pictures, Alibaba Music, Alibaba Sports and Alibaba Digital Entertainment.

Recently, video emerged of Ma delivering a speech to 17 friends on the (then) newly established company in 1999.

WATCH: Jack Ma's 1999 Speech to Alibaba Employees

"I've always said our competitors are not domestic websites, but overseas websites," the young Ma is heard saying in the video. "Our competitors are not in China, but in America's Silicon Valley."

Jack Ma 1999

In a meeting at Trump Tower earlier this year, US Tweeter in Chief Donald Trump praised Ma's business acumen, saying he was a "great entrepreneur, one of the best in the world." 

Jack Ma Donald Trump

During their get-together, Ma promised to create one million new jobs in the US.

We hope he celebrates this important new milestone by dressing up and performing as Michael Jackson... again.

more news

WATCH: Jack Ma's 1999 Speech to Alibaba Employees

Jack Ma lays out his ambitious plans for Alibaba in this rare footage from the company's early days in 1999.

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My name is Frank Underwood and I endorse this message.

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Spoiler alert: Taobao doesn't have a monopoly, but it's not far off.

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You can now buy aircraft on Taobao, apparently.

Banned from Taobao: Foreign Books, Games, DVDs and More

The e-commerce giant has begun cracking down on foreign media being sold on its platform.

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