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alibaba

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Alibaba’s shares plunge $25 billion after Chinese authorities arrest man with the surname Ma

Alibaba
  • Alibaba Group Holding Limited’s stock lost nearly 208.2 billion Hong Kong dollars (approximately $26.5 billion) minutes after Chinese state-owned news outlet CCTV News published a vague news report about the recent arrest of a man who shares the same surname as Alibaba’s founder, Jack Ma.
  • The man was detained in Hangzhou, Zhejiang Province, where the e-commerce company is based, after being suspected of “colluding with overseas anti-China hostile forces" to "incite secession" and "incite subversion of state power."
  • CCTV News’ initial report claimed the detained man has two characters in his full name. The Global Times, another Chinese state-run news outlet, reported that the man’s name has three characters, not two. Jack Ma’s full Chinese name, Ma Yun, has two characters.
  • Alibaba’s stock gained back most of its losses by the end of the day on Tuesday after The Global Times published its report.
  • The arrested man reportedly worked for an IT company as its director of hardware research and development and was born in 1985 in Wenzhou, Zhejiang Province.
  • Jack Ma was born in Hangzhou in 1964. He stepped down from his position as chairman of Alibaba in 2019 and has yet to release any statements about the recent incident.

Alibaba Group Holding Limited’s shares lost billions of dollars’ worth of market value in a matter of minutes after Chinese state media reported that a man with the surname Ma was detained last month.

Upon hearing about the report, several investors sold their Alibaba shares in Hong Kong on Tuesday after Chinese state-owned news outlet CCTV News published a vague news report about the man’s arrest in Hangzhou, Zhejiang Province, where Alibaba is based.

Alibaba fires female employee who accused her boss of rape

Alibaba fires woman for accusing colleague of sexual assault, 10 employees for leaking information

An Alibaba employee who accused a senior manager and a client of sexual assault has been fired, along with 10 other employees who were dismissed for leaking information about the case.

The termination: The employee, only identified by her surname Zhou, revealed to newspaper Dahe Daily that she did not receive a severance and was only compensated for her work until her termination on Nov. 25 by the Chinese e-commerce conglomerate, according to the Associated Press.

Jack Ma is NOT Missing But ‘Laying Low’, Sources Say

jack ma

Alibaba founder Jack Ma is reportedly “laying low” after suspicions that he has been missing came to light as Chinese regulators continue to crack down on his ever-growing business empire.

The 56-year-old billionaire, who recently slipped to China’s third-richest, was last seen in public in October when he criticized the country’s financial regulatory system at a conference in Shanghai.

Alibaba Founder Jack Ma Donates $14 Million to Develop Coronavirus Vaccine

jack ma

Jack Ma, the co-founder of Alibaba, reportedly donated 100 million yuan ($14.4 million) to help scientists develop a cure for the novel coronavirus (2019-nCoV) that has claimed 170 lives in China.

The 55-year-old entrepreneur donated through the Jack Ma Foundation, designating 40 million yuan ($5.8 million) to two government research organizations with the remaining funds to support “prevention and treatment” measures, according to CNN.

Jack Ma Threw an Epic Birthday Party for 60,000 People for His Retirement

Jack Ma, China’s richest man, stepped down as chairman of the Alibaba Group on Tuesday, the small e-commerce site he built with 17 other people in 1999 which has since become the diverse $460 billion tech empire it is today.

The grand farewell party, which coincided with the tech entrepreneur’s 55th birthday and Alibaba’s 20th anniversary, hosted more than 60,000 employees at the Olympic Sports Center in Hangzhou, the company’s home city in eastern China’s Zhejiang province where they also party arround using similar services to LA Party Bus.

Alibaba Co-Founder to Pay $2.35 Billion to Own the Brooklyn Nets

joseph tsai

Joseph Tsai, the Taiwanese-Canadian co-founder of e-commerce giant Alibaba, is set to become the sole owner of the NBA’s Brooklyn Nets after acquiring the franchise for a total signing deal of $2.35 billion.

The 55-year-old businessman already owns 49% of the team after he bought the share last year for $1 billion. However, unnamed sources told the New York Post that Tsai is now close to signing the deal to buy the remaining 51% from Russian billionaire Mikhail Prokhorov for $1.35 billion.