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Alibaba Files to Sell up to $24.3 Billion in Stock

The Chinese e-commerce giant is heading toward the largest U.S. IPO ever.

Chinese e-commerce giant Alibaba on Friday filed to sell up to $24.3 billion in stock, making it the biggest U.S. initial public offering ever.

Yahoo cut its stake in the company to 16.3 percent from 22.4 percent and Soft Bank cuts its stake to 32.4 percent from 34.1 percent earlier, Dow Jones reported.

The company is expected set its initial share price at between $60 and $66, a source told CNBC on Friday.

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