Why Alibaba Just Lost $100 Billion in Market Value
Alibaba (NYSE: BABA) stocks jumped today after the Chinese government announced it was launching an antitrust investigation into the tech giant. The news comes just weeks after Beijing blocked the IPO of Ant Group, Alibaba's fintech subsidiary. This is another sign that the ruling Chinese Communist Party (CCP) is trying to thwart the power of Alibaba founder Jack Ma. In a truncated session, Alibaba stock closed 13.4%, removing around $ 100 billion from its market cap.
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