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Alibaba IPO Makes Founder Jack Ma China’s Richest Man

Image: Alibaba founder Jack Ma at IPO
Alibaba Group Holding Ltd. founder Jack Ma celebrates after ringing a ceremonial bell at the New York Stock Exchange to celebrate the company's initial public offering (IPO) under the ticker "BABA" in New York September 19, 2014. Alibaba Group Holding Ltd's shares surged by more than 40 percent in their first day of trading on Friday as investors jumped in to buy what looks likely to be the largest IPO in history. BRENDAN MCDERMID / Reuters

Web commerce giant Alibaba had the largest IPO in U.S. history on Friday, making its founder Jack Ma the richest man in China. Shares started at $68 and balooned to $92 before the closing bell.

The IPO places Alibaba's worth at $13 billion, with a $163 billion valuation slightly ahead of Amazon. Alibaba runs some of China's largest online shopping and service operations, with many of their services like Taobao and Tmail being the most popular among consumers.