Alibaba Singles' Day sale racks up $23 billion in first 9 hours
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Chinese e-commerce giant Alibaba Group Holding declared on Monday that it collected $23 billion in the first nine hours of Singles' Day sale. Akin to Black Friday and Cyber Monday in the United States, Singles' Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009. The festival's name originates from the calendar date Nov. 11, with the four ones of 11/11 signifying being single.