Alibaba founder Jack Ma is having a great morning. After a record-breaking IPO, the Chinese e-commerce company began trading Friday at $92.70, the New York Times reported. That price values the company at more than $228.5 billion.
While we calculate just how much human hair you could buy with that, here are some other stories we're reading — and numbers we're watching — Friday.55 percent
In a much more decisive vote than expected, the majority of Scots elected to keep the country in the United Kingdom overnight Friday. The full results show a huge turnout, and the BBC reported that the vote has resonated around the world, from secessionists in Spain to state media in China.23,000
That's the number of people killed annually by issues stemming form antibiotic-resistance. The White House launched a new initiative to combat the public health threat Thursday, the Times reported, with a $20 million prize for the development of a better resistance test and a suggested $1.7 billion in funding for research and other initiatives.$400 million
In an unprecedented sponsorship deal, Microsoft reportedly paid the NFL $400 million to get hundreds of its Surface tablets on the sidelines and in coaches booths for the next several seasons. But the Los Angeles Times reported that announcers keep accidentally calling the tablets "iPads," showing just how much Microsoft's key rival owns the tablet industry.
The Common Core has arguably become the most contentious issue in American education. Experts face off over the new state standards in the latest Intelligence Squared debate.
Alibaba ticks two boxes that get investors very excited: China and technology.
That has investors “salivating,” says Steven Davidoff Solomon, a professor at University of California Berkeley School of Law.
The massive Chinese e-commerce site Alibaba will start trading on the New York Stock Exchange Friday, using the ticker “BABA.” Shares will start at $68, the top of the company’s price range.
There are more people and companies interested in buying stock than there are shares available, but some experts advise caution.
Davidoff Solomon says investors should be aware that the deal is structured in such a way that they’re actually buying into a Cayman Islands company that will receive profits from Alibaba.
“Let’s say that Alibaba China decides just not to pay on those profits,” he explains. “Shareholders would have to sue a Cayman Islands company, gain control of it, and have that Cayman Islands company sue in China. Good luck with that.”
Second, a small group of insiders will retain control of the company and appoint directors, even though they’ll own a small percentage of its shares.
The question then is whether the price is worth these risks.
Matt Turlip, an analyst with PrivCo, has done his own valuation and thinks Alibaba’s shares are actually worth $100 each.
“It’s a giant, profitable company right now that’s growing like a startup still,” says Turlip.
So buy or buyer beware – you decide.
Seven young Iranians were arrested in May for producing their own version of the Pharrell Williams song "Happy." Iranian authorities said the video, which went viral, offended public morals.
From tasty tempura to gross gruel, hospital meals across the globe vary wildly. Highbrow institutions in China and India have long served top-notch food. U.S. hospitals are starting to follow suit.
British Prime Minister David Cameron says now that voters in Scotland have rejected independence, he is committed to giving more powers not only to Scotland, but also to the rest of the U.K.