Alibaba buys stake in China’s Twitter-like Weibo

China – Alibaba, China’s largest e-commerce group, has acquired a stake in Twitter-style service Weibo. Alibaba, which runs mega-e-commerce sites Taobao and Tmall, will pay $586m (€442.8m, £376m) for an 18% share of Weibo, a social media brand that boasts 46.2m daily active users.