What's Going On With Alibaba Stock Wednesday?
Portfolio Pulse from Anusuya Lahiri
Jack Ma, co-founder of Alibaba Group Holding Limited (NYSE:BABA), has decided not to sell his 10 million shares in the company as the stock price has not reached his target. This decision comes after Alibaba experienced its largest selloff in over a year and scrapped plans to spin off its $11 billion cloud business, leading to a $22 billion loss in market value. Despite challenges, including U.S.-China tech tensions and competition, Ma remains confident in Alibaba's long-term value. The planned share sale was to fund investments in agriculture and charities. Alibaba's stock is down 14.2% YTD but traded up 0.61% premarket.
November 22, 2023 | 1:42 pm
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Jack Ma retains his 10 million Alibaba shares as the price hasn't hit his target. Alibaba's value dropped by $22 billion after a major selloff and canceling its cloud unit spinoff, but Ma is confident in the company's future.
Jack Ma's decision not to sell his shares could be seen as a vote of confidence in Alibaba's future prospects, potentially reassuring investors and positively influencing the stock price in the short term. The stock's slight premarket increase supports this view.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100