Aug 18, 2017

Move over, Amazon, for Alibaba

Chairman Jack Ma (Kin Cheung / AP Photo)

Shares of Alibaba, the Chinese e-commerce and mobile pay company, are up 85% this year, catapulting it alongside the big U.S.-based tech icons as a global juggernaut.

  • Led by its charismatic founder, Jack Ma, Alibaba is now worth $392 billion, moving up on Amazon, whose market value is about $475 billion and share price is up about 27% this year. Alibaba shares rose 2.7% on Thursday alone.
  • It's not quite Amazon: Alibaba commands an estimated three-quarters of on-line sales in China, but its $7.4 billion in second-quarter revenue was dwarfed by Amazon, which reported $38 billion, five times as much.
  • But why it still matters: Alibaba's quarterly revenue, reported Thursday, was up 56%, and profit increased by 94% — to $2.17 billion — from a year ago. Alibaba has more than 500 million monthly active users for its online shopping apps, per the NYT, 42% more than the entire U.S. population. Similar to Amazon chief Jeff Bezos, Ma is enormously ambitious, pushing into competition, for instance, with Amazon, Microsoft and Google for business in cloud services.

Go deeper

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 5,555,691 — Total deaths: 348,541 — Total recoveries — 2,271,268Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 1,676,401 — Total deaths: 98,787 — Total recoveries: 379,157 — Total tested: 14,604,942Map.
  3. Federal response: DOJ investigates meatpacking industry over soaring beef pricesMike Pence's press secretary returns to work.
  4. Congress: House Republicans to sue Nancy Pelosi in effort to block proxy voting.
  5. Tech: Twitter fact-checks Trump's tweets about mail-in voting for first timeGoogle to open offices July 6 for 10% of workers.
  6. Public health: CDC releases guidance on when you can be around others after contracting the coronavirus.
  7. World: Putin presses forward with Victory Day parade, despite climbing coronavirus cases.
  8. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 48 mins ago - Politics & Policy

Twitter fact-checks Trump's tweets for first time

President Trump briefs reporters in the Rose Garden on May 26. Photo: Brendan Smialowski/AFP via Getty Images

Twitter fact-checked two of President Trump's unsubstantiated tweets that mail-in ballots in the 2020 election would be fraudulent for the first time on Tuesday, directing users to "get the facts" through news stories that cover the topic.

Why it matters: Twitter and other social media platforms have faced criticism for not doing enough to combat misinformation, especially when its propagated by the president.

House Republicans to sue Nancy Pelosi in effort to block proxy voting

Photo: Michael Brochstein / Echoes Wire/Barcroft Media via Getty Images

20 House Republicans plan to file a lawsuit late Tuesday against Speaker Nancy Pelosi in an effort to block the chamber's new proxy voting system amid the coronavirus pandemic, three congressional sources tell Axios.

The big picture: The lawsuit, led by House Minority Leader Kevin McCarthy, alleges the rules are unconstitutional because the Constitution requires a quorum, or a majority, of lawmakers to be physically present in order to conduct business. The lawsuit was first reported by the Wall Street Journal.