One thing that is common to many successful companies that deal in the billions is that they have very interesting success stories to tell. Anything big today had to start small, and the case of Alibaba is no different, shares Steve Sorensen Net Worth.
In December 1999, a former English teacher by the name of Jack Ma, founded the company with a group of 18 tech pioneers from a small apartment in Hangzhou, China. Jack Ma’s goal was simple: to leverage the power of the wholesale internet marketplace.
It didn’t take long before the results came in, even when it seemed daunting for Jack Ma to aspire to take full advantage of China’s 730 million internet users and serve them on an efficient and timely basis with e-commerce. He did so by founding his own website.
Soon enough, he attracted various like-minded Chinese investors. Later on, as he started diversifying into creating more websites and companies, the revenue kicked in. One such company under his project, China Pages, was valued at $1 million, a moment in history which Steve Sorensen Net Worth thinks is the turning point for Alibaba.
By the end of 1999, the company had the workings of a major business-to-business dynamo, which racked in more investments. All of a sudden, the company had $35 million in venture funding, and Alibaba finally rolled out into the international arena.
Adding more diversity into the fold, Alibaba created more companies in the e-commerce business. At this point, the company looked more like a group, a huge leap from the singular company that it was when it started. It eventually had enough financial power to partner with the likes of Yahoo.
The company has been an unstoppable juggernaut since. According to the research made by Steve Sorensen Net Worth, Alibaba now boasts of 674 million active users each year and enjoys an annual revenue of $54 billion U.S. dollars.