(Bloomberg) — An internet industry once dominated by Jack Ma’s iconic Alibaba Group Holding Ltd. is now poised for a watershed moment as eight-year-old upstart PDD prepares to surpass Alibaba as China’s most valuable e-commerce firm. Alibaba slid as much as 1.4% in Hong Kong, putting its market value at about HK$1.46 trillion ($187 billion) …
(Bloomberg) — In a surprising internal memo, Jack Ma urged Alibaba Group Holding Ltd. to make fundamental changes to its operations. The billionaire co-founder, who has been hands-off in the company since 2020, caught employees off guard by responding to a staff post on Alibaba’s internal forum. He praised PDD Holdings Inc.’s recent decisions to …
Alibaba cofounder Jack Ma’s wealth has halved from its late 2020 peak following a sustained slump in the company’s share price.Yuya Shino/Reuters Alibaba cofounder Jack Ma walked back on plans to sell the company’s stock. The Chinese tech giant’s stock crashed last week after it nixed a plan to spin off its $11 billion cloud …
(Bloomberg) — Tencent Holdings Ltd. and Alibaba Group Holding Ltd. are set to reveal their financial results, putting the $44 billion rally in China’s technology sector to the test. Expectations are high for Tencent to demonstrate strong growth due to cost reductions and a more favorable regulatory environment for gaming, which also benefits rival NetEase …
(Bloomberg) — Sea Ltd. experienced a downturn in the third quarter, with increased competition from Alibaba and TikTok contributing to a net loss for the company. The stock plummeted 13% in early New York trading, marking the most significant intraday decline in three months. Sea reported a net loss of $149 million, down from a …
Hedge fund Starboard Value has reportedly acquired a stake in News Corp and may exert pressure on the Wall Street Journal owner to eliminate its dual-class share structure as one of two segments of the Rupert Murdoch media empire. The Murdoch family’s voting stake in News Corp is around 40%, similar to its stake in …
Good morning, Quartz readers! Here’s a roundup of the latest news you need to know: 1. US pledges support for Israel: President Joe Biden condemns Hamas’s attack and confirms American hostages. 2. EU warns Elon Musk to comply with disinformation laws regarding fake news about the war circulating on X. 3. Should you invest in …
Good morning, Quartz readers! Here’s what you need to know. The European Union (EU) is facing conflicts over Palestinian aid. The European Commission recently announced an immediate suspension of €691 million ($730 million) in development aid to Palestinians, but this decision was reversed as the war between Israel and the terrorist group Hamas continues. This …
Beijing’s aggressive industrial policy goals have resurfaced in the midst of a controversy involving alleged espionage activities linked to a subsidiary of Alibaba at Liège Airport in Belgium, which is Europe’s fifth-largest cargo airport hub. As investigations are underway, the Belgian Security services are looking into possible espionage and interference activities carried out by Chinese …
Good morning, Quartz readers! We wanted to give you a heads up that there won’t be a Daily Brief on Monday because our US-based team will be taking the day off. But don’t worry, we’ll be back in your inbox on Tuesday. Here’s the latest news you need to know: 1. China has announced ambitious …