Chinese E-commerce giant Alibaba generated a staggering $23 billion in online sales within its first nine hours of its 11.11 Singles Day launch. Sales soared $1 billion in the first minute and eight seconds, and within the first nine hours, it made two-thirds of the revenue that Amazon made in its entire third quarter this year. Alibaba’s Singles Day is an annual event that runs for 24 hours and attracts millions of shoppers. The 24-hour event was launched earlier this morning by a performance from pop sensation Taylor Swift followed by live streaming of marketing for hundreds of brands.
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This will mark the first year in History where its Chinese founder Jack Ma will not be attending its 11.11 Singles Day event, following his departure earlier this year.
