Alibaba Makes US$750 mln from Yahoo! Vanish
"Chinese e-commerce company Alibaba.com has spent three-fourths of US$1 billion in cash that Yahoo! Inc, paid for its 40 percent stake last summer, Alibaba CEO Jack Ma said.
Speaking at a search engine conference in Nanjing, Ma said " US$1 billion was paid in but we have spent some US$750 million."
From Interfax China:
"Alibaba.com the largest B2B portal in China, has spent USD 750 mln of the USD 1 bln investment from Yahoo! last August, paying venture capital firms and employees that have been working with the company for years, CEO Jack Ma said at a conference Friday.
"Softbank has cashed out its stake in Taobao, some VCs, who have been with us for more than five years have cashed out, and some of our staff members have cashed out," Ma said. Taobao is a C2C subsidiary of Alibaba.com."
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