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The stock market value of Chinese e-tail giant Alibaba on Tuesday briefly exceeded that of Walmart, the world’s largest retailer by revenue.
Alibaba’s market value rose to just above $247 billion during the day before closing at around $245 billion to overtake Walmart, according to Bloomberg data. Walmart ended the day with a market value of around $246 billion. In comparison, e-tail giant Amazon closed on Tuesday with a market capitalization of $137 billion.
During Tuesday’s trading session, Alibaba’s stock hit a new high of $100.50. In September, it opened at $92.70 in its stock market debut after pricing at $68.
The Financial Times reported that this left Alibaba just $2 billion shy of joining the list of the world’s 10 most valuable companies. Alibaba’s stock closed at $99.68.
The news came as Alibaba top executives, led by chairman Jack Ma, continued meeting studio executives in Hollywood.
Walmart’s revenue amounted to $473 billion in its most recent fiscal year, compared to Alibaba’s $8.6 billion.
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