WalMart posted net sales of $478.6 billion for its fiscal year ending Jan 31, while Alibaba amounted to $463.3 billion
Its president, Michael Evens said they plan to serve both customers, consumers and of course small businesses
In order to be eligible, they must have worked at the company for at least three years
According to Reuters, the e-commerce giant has been expanding in the field such as online video.
The money will be spent to buy stakes in companies in China and overseas, as the company expands beyond its core e-commerce business
Health woes show limits of Alibaba's Midas touch