Looks like Michael Rubin, the Conshohocken-based online-shopping mogul, has become China's favorite American in a global battle to compete with Amazon.com, as China's Alibaba Group replaces eBay as Rubin's largest outside financial backer.
"Alibaba Group, China's largest e-commerce company, has led a $206 million investment in Amazon rival ShopRunner," and bought out former part-owner eBay, reports CNET here, citing the Wall St Journal; the story was previously posted by PCWorld, all citing unnamed sources.
ShopRunner is a unit of Michael Rubin's Conshohocken-based Kynetic, the company he formed after selling his former GSI Commerce to eBay for $2.4 billion three years ago. Alibaba joined the Singapore sovereign investmetn fund Temashek in pumping $170 million into another eBay unit, Fanatics, the Jacksonville-based major-league and college sports gear online-sales company. More on Fanatics and Alibaba here.