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Alibaba Passes Facebook in Market Value on First Day

Alibaba Group Holding Ltd. surpassed Facebook Inc. by market capitalization on its first day as a public company right from the minute it started trading and closed with a valuation of more than $231 billion.

Alibaba surged 38 percent above its initial offering price to close at $93.89 in New York yesterday. The Chinese e-commerce company, which began the day with a value of $228.5 billion, now trails only Google Inc., Apple Inc. and Microsoft Corp. in size among U.S.-traded technology companies. Facebook passed $200 billion in market value earlier this month and is worth $201.6 billion as of yesterday’s close.