Amazon becomes number one ecommerce player, snatches coveted crown from Alibaba
24.08.2015 493 views
Amazon is now the crowned king of ecommerce, dethroning Alibaba after Q2, 2015 results of the US company, cumulated with the recent Chinese economic slowdown. Amazon is now valued at USD 240 billion whereas Alibaba is valued at USD 180 billion.
The Chinese ecommerce platform has seen its market capitalization share fall almost 30%. With the recent Chinese economic decline, coupled with the China International Payment System’s (CIPS) decision to scale back its international payment system, Alibaba has been affected significantly by this double blow.
Developments in China have forced a number of Alibaba’s investors to reduce their shares in the ecommerce firm and JPMorgan Chase & Co., Wellington Management Group and TIAA-CREF Investment Management have, on average, decreased their shares in Alibaba by 42%. In recent news, Amazon has surpassed Walmart in valuation after a recent surge in its stock prices.
Source: The Paypers