Alibaba $141 Billion Slide Boosts Tencent to Asia’s Biggest
Alibaba's $141B Slide Boosts Tencent to Biggest in Asia
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Alibaba Group Holding Ltd. surrendered the title of Asia’s largest Internet company to Tencent Holdings Ltd., capping a 10-month slide for the e-commerce giant that wiped $140.7 billion from its market value.
Shares of Alibaba fell 4.7 percent to $60.91 in New York on Tuesday, making the online marketplace worth $153 billion. That’s below Tencent’s value for the first time since billionaire Jack Ma oversaw Alibaba’s record-breaking initial public offering in September 2014.