Chinese eCommerce giant Alibaba has purchased an 18 percent stake in Sina, the partent company of “China’s Twitter,” Weibo, for $586 million, reports The Wall Street Journal. The deal also comes with an option that could allow Weibo to increase its stake to 30 percent in the future.
“We believe that this strategic alliance helps to create a stronger Weibo,” said Alibaba founder and Chief Executive Jack Ma. “We believe that the cooperation of our two robust platforms will bring unique and valuable services to Weibo users, as well as making the mobile Internet a core part of Alibaba’s strategy.”
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