Here’s guessing Yahoo has about 3 billion reasons to wish it had sold its piece of Chinese e-commerce company Alibaba today rather than yesterday. That superhot IPO debuted today and took over the NYSE, rising 38% to $93.89. That’s well above the $68-a-share offering price, the price at which Yahoo agreed to sell enough stock to lower its stake from 22.4% to 16.3% and collect about $8.3B.

Image (1) Yahoo_logo1__130822050504.jpg for post 720964Yahoo’s shares closed today down 2.74%, but even with that dip the company’s stock price is up 18% over the last three months. That means it appears there’s some selling on today’s news. There’s less of a rationale now for an investor to buy Yahoo because now he or she can buy Alibaba directly.

Technology Business Leaders Address Salesforce ConferenceIt all puts the spotlight back on Marissa Mayer and what she might do with her new windfall. Execs have promised to return about half of the proceeds to its shareholders, and Yahoo will still own $27.3B worth of Alibaba shares. That suggests investors believe that the Alibaba holdings account for 84% of Yahoo’s $42.4B market value.

For Alibaba, Deadline has heard that execs have been taking meetings around town kicking tires in the film business.

Today’s big debut values Alibaba — founded by Jack Ma in his garage in 1999 — at $231.4 billion. That makes it larger than Amazon and eBay combined, Bloomberg says. As for Ma, he is the richest man in China and the second-richest in the world, with today’s trading boosting his value to $26.5B.