Alibaba's share price reaches record high, valuing it higher than Wal-Mart

 
Catherine Neilan
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Alibaba: Valued at more than Wal-Mart (Source: Getty).

Shares in Alibaba soared to a record high of $100.45 today, valuing the Chinese etail giant at more than $247bn (£152bn), taking it above US rival Wal-Mart for the first time.

Alibaba's share price rose 2.8 per cent during mid-morning trading today.

It listed on the New York Stock Exchange last month at $68 a share, giving the firm a historic opening market valuation of $167.6bn – but that figure has become dwarfed.

On the day it listed, Alibaba's share price jumped to $99, and has grown further in the last week.

Wal-Mart meanwhile has experienced a different trajectory in recent days. Its share price dropped as low as $76 this morning, valuing it at around $245bn.

As the company he founded in 1999 went public, Jack Ma told CNBC: “We want to be bigger than Wal-Mart.”

Based on market valuation alone, Ma - who is now China's richest man - has already succeeded in that aim.

Here's a chart showing the two companies' share price trajectory over the last month - as far as yesterday morning.

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