What's Going On With Alibaba Stock Tuesday
Portfolio Pulse from Anusuya Lahiri
Alibaba's stock declined following reports of a 7% workforce reduction in its cloud division as it prepares for a spinoff and eventual IPO. The cloud business is valued at over $30 billion and is expected to be carved out as a separate company within a year.
May 23, 2023 | 12:02 pm
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Alibaba's stock declined due to workforce reduction in its cloud division as it prepares for a spinoff and IPO. The cloud business is valued at over $30 billion.
The stock decline is a result of the workforce reduction in Alibaba's cloud division, which is preparing for a spinoff and IPO. This news has a direct impact on Alibaba's stock price as it indicates a significant change in the company's structure and future plans. The cloud business is a major part of Alibaba's operations, and its valuation of over $30 billion highlights its importance. The workforce reduction and spinoff plans may cause uncertainty among investors, leading to a short-term negative impact on the stock price.
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