Alibaba has again surpassed the American social media giant, Facebook Inc, in market capitalisation, as reported by Financial Express (FE). Alibaba Group Holding Limited, founded in 1999, is a Chinese company that specialises in e-commerce, retail and AI (Artificial Technologies).
Facebook, which owns popular platforms like Instagram and WhatsApp, was overtaken by Alibaba for the first time, back in March 2018 when the Cambridge Analytica scandal unfolded.
2018 has been particularly rough for the Mark Zuckerberg-led company, which has lost nearly 37 per cent in market cap from its peak of July 2018. This represents a loss of $240 billion in investor value.
On the other hand, Alibaba, founded by Jack Ma, posted record sales of $30 billion in a single day as part of the ‘Singles Day’ celebrations in China. However, this year also represented the slowest growth rate in the event’s history.
Facebook has been facing increasing criticism for its handling of the Cambridge Analytica hacking scandal in which personal details of over 14 million accounts were leaked and a new lawsuit was filed claiming that Facebook deliberately misled advertisers on its platform over video metrics. There is also growing support to remove Zuckerberg from the post of Chairman. He who holds the additional position of the CEO (Chief Executive Officer).