The Alibaba's $75B on Singles Day, 2X of Nigeria's Budget
$75 billion: that was the amount Alibaba generated during its Singles Day event, up $38 billion from last year. Essentially, people spent more than twice of Nigeria's annual budget on Alibaba in less than two weeks. That shows how big the economy of China has become. Are we all going to be speaking Mandarin business in 3 decades?
China’s Alibaba says it's raked in more than $75 billion for its annual Singles Day event, eclipsing last year’s record of $38 billion as shoppers splurged on as many as 16 million discounted goods. The shopping extravaganza, which usually takes place on Nov. 11, began 10 days earlier this year and marks the world’s biggest online retail event — generating more sales than Black Friday and Cyber Monday combined. Despite record sales, stocks plunged for some of China’s top tech companies as officials unveiled new antitrust regulations targeting internet giants like Alibaba. (source)
