The History of Alibaba
The history of Alibaba name
The history of Alibaba’s name was derived from the fictional character Ali Baba. Ali Baba is a character from Arabian literature namely One thousand and one nights. Jack Ma thought that the universal appeal of the name had a ring to it. Jack Ma one of the founders of the company thought of the name whilst in a coffee shop in San Francisco. He was drinking coffee at the coffee shop when he asked people from Germany, Japan, India and America whether they knew Alibaba everyone seemed to know the character Alibaba. This is the moment when Jack Ma decided to name the newly formed company Alibaba. The Universal appeal of the name made it good to market.
The history of Alibaba timeline
In December 1999 an online marketplace was founded. It was called “Alibaba online”. It was founded by Jack Ma and 17 other individuals. In two years after its founding Alibaba Group raised a total of 25 million US dollars from Goldman Sachs, Softbank and other institutions.
For the first time in 2001 Alibaba achieved a profit. Taobao was founded in May 2003 as a e-commerce platform. In December the following year Alipay became a separate business entity from Taobao platform. On October 2005 Alibaba tookover the running of Yahoo china. This was due to a partnership with Yahoo! Inc which was an owner of Yahoo China.
Alibaba was first listed on the Hong Kong stock exchange in November 2007. Taobao a subsidiary of Alibabagroup established a company called Tmall.com. This was to provide a Customer to Customer marketplace. In the year 2009 General Atlantic invested $75 million led by Anton Levy. In 2009 alibaba was celebrating its 10 year jubilee. This is the year that Alibaba established its cloud computing services. In May 2010 Alibaba announced that it will use 0.3% of its revenue for environmental protection.
The History of Alibaba IPO
In septermeber 2014 Alibaba became the largest IPO in the United States.