What's Going On With Alibaba Stock Tuesday
Portfolio Pulse from Anusuya Lahiri
Alibaba Group's stock is trading lower following the announcement of Eddie Wu succeeding Daniel Zhang as CEO, effective September 10. Jack Ma, Alibaba's co-founder, held a meeting with Taobao and Tmall executives, stating that competition is severe and suggesting cutting management layers. Alibaba plans to reorganize its businesses into six independently run entities.
June 20, 2023 | 11:25 am
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Alibaba's stock is trading lower after announcing Eddie Wu as the new CEO and Jack Ma's comments on competition and management layers. The company plans to reorganize into six independently run entities.
The stock is trading lower due to the uncertainty surrounding the CEO transition and Jack Ma's comments on competition and management layers. The reorganization into six independently run entities may also impact the stock as investors assess the potential risks and benefits of this change.
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