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☆ PDD earnings: Alibaba’s Jack Ma urges reform as rival rattles e-commerce giant
▼ + stars: | 2023-11-30 | by ( Michelle Toh | Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Alibaba founder Jack Ma has called for “change” as the stellar performance of a competitor causes a stir at his e-commerce company. On Wednesday, the billionaire responded to a recent rally in the stock of PDD (PDD), the group behind Chinese online shopping giant Pinduoduo and US-based retail upstart Temu. That has pushed up the company’s stock in New York dramatically, taking it 18% higher Tuesday and another 2% higher Wednesday. As a result, PDD’s market cap has soared to $188.3 billion, putting it just below Alibaba’s (BABA) $189.9 billion. I believe that everyone in Alibaba today is watching and listening,” he wrote in a comment, according to the source.

Persons: Hong Kong CNN —, Jack Ma, PDD, Ma, ”, ” “, Chen Lei Organizations: Hong Kong CNN, Temu Locations: China, Hong Kong, New York, Hangzhou, Alibaba, United States, Australia

☆ Charlie Munger made billions for Berkshire Hathaway, but he made investing mistakes too
▼ + stars: | 2023-11-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

But Munger made mistakes too, and cited Alibaba and Belridge Oil as two of his biggest investing errors. AdvertisementLegendary investor Charlie Munger was a shrewd investor who helped Berkshire Hathaway make billions. Here are the mistakes Munger has admitted to:Alibaba was 'one of the worst mistakes' Munger madeMunger's Daily Journal quadrupled its holding of Alibaba stock in the third quarter of 2021. Oil giant Shell acquired Belridge Oil in 1979 for about 30 times the price Munger had paid for the company's shares. "But I would have had twice as many billions if I'd just made a different decision about Belridge Oil."

Persons: Charlie Munger, Warren Buffet, Berkshire Hathaway, Munger, —, Munger —, Pinker, Alibaba, Jack Ma, they're Organizations: Service, Berkshire, Munger's Daily, Daily, Oil Munger, Belridge, Shell, Belridge Oil Locations: Berkshire, California, Munger's

☆ Jack Ma popped up randomly on Alibaba's staff forum only to deliver a rare criticism of his company's performance
▼ + stars: | 2023-11-29 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Jack Ma resurfaced once again and made a surprising post on Alibaba's staff forum. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Responding to an employee's forum post on Wednesday, Ma emphasized the need for change within Alibaba in a post seen by Business Insider. In his post, Ma wrote: "Everyone can be successful. AdvertisementNotably, in his message, Ma congratulated Alibaba's rival Pinduoduo, the parent company of the e-commerce app Temu, praising its strategic decisions in recent years.

Persons: Jack Ma, —, Ma, Alibaba, Pinduoduo Organizations: Service, Business Insider, Ant, Tokyo College Locations: China, Tokyo

☆ In death, Charlie Munger is loved by China
▼ + stars: | 2023-11-29 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Chinese social media is treating Charlie Munger, who died at 99 on Tuesday, with great reverence. AdvertisementAs Wall Street mourns the death of investing legend Charlie Munger, Chinese social media is tipping its hat to the man. Advertisement"Live long, be rich, have children and grandchildren, what a perfect life," wrote another user under a news report about his death. Munger, who amassed a net worth of around $2.3 billion, had a reputation for witty one-liners on life, geopolitics, business, and governance. Munger, who was outspoken against cryptocurrencies, also lauded China's main bank for banning crypto in 2021.

Persons: Charlie Munger, —, Berkshire Hathaway, Munger, aplenty, Warren Buffet's, Xi Jinping, Jack Ma, Ma, cryptocurrencies, Elon Musk's Tesla Organizations: Service, Berkshire, Weibo, Twitter, Sina Finance, Business, Communists Locations: Weibo, Munger, China, Berkshire, Nebraska, America, Washington, Beijing, Shenzhen

☆ Jack Ma, the poster boy of China's tech scene, is moving into the food business
▼ + stars: | 2023-11-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Alibaba cofounder Jack Ma just set up a new company called "Hangzhou Ma's Kitchen Food," per media reports. AdvertisementFor years, Alibaba cofounder Jack Ma has been the poster boy for China's tech industry — but it looks like he's moving on to the food business. On Wednesday, Ma incorporated a company called "Hangzhou Ma's Kitchen Food" in the city where Alibaba is based, according to media reports. Hangzhou Ma's Kitchen Food is wholly owned by Ma's investment vehicle, Hangzhou Dajingtou. His foundation, the Jack Ma Foundation, did not immediately respond to a request for comment from Business Insider.

Persons: Jack Ma, It's, Ma, —, He's, Supakit Chearavanont Organizations: Alibaba, Service, China Morning Post, National Enterprise, and Culture, Tokyo College, Charoen, Business Locations: Hangzhou, Alibaba, Hangzhou Dajingtou, Beijing, Spain, Netherlands, Japan, Thailand

☆ Jack Ma: Alibaba founder’s ‘Ma’s Kitchen’ is betting on the food business in China
▼ + stars: | 2023-11-27 | by ( Michelle Toh | Eric Cheung | ) edition.cnn.com time to read: +3 min

“Ma’s Kitchen” has registered capital of 10 million yuan ($1.4 million), the system showed. 22 Arts and Culture, of which Jack Ma has 99.9% ownership, according to Qichacha, a corporate data provider in China. The new firm has not publicly provided details on its business model, or what kind of food it will sell. The Jack Ma Foundation did not immediately respond to a request for comment on Monday. Jack Ma seen in Shanghai in 2018.

Persons: Taipei CNN —, Jack Ma, ”, Ma’s, Ma, —, Ben Cavender, Aly Song, Cavender Organizations: Taipei CNN, National Enterprise, and Culture, Euromonitor International, China Market Research, CNN, “ Locations: Hong Kong, Taipei, Hangzhou, China, Shanghai

☆ Jack Ma backs off on plans to sell Alibaba shares after stock plunge
▼ + stars: | 2023-11-23 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Jack Ma has put off plans to sell hundreds of millions of dollars worth of Alibaba shares after the Chinese tech giant’s stock plummeted last week. Two regulatory filings from last Thursday revealed that Ma had been looking to offload 10 million shares, worth nearly $871 million. Ma believes that the Hangzhou-based firm’s stock “is currently significantly lower than Alibaba’s actual value, and he will not sell it,” she said. Alibaba co-founder Jack Ma. Since then, the entrepreneur has kept a relatively low profile while remaining an Alibaba shareholder.

Persons: Jack Ma, Ma, Jane Jiang Fang, Alibaba, Alibaba’s, Jiang, ”, Joe Tsai, Henri Szwarc, Ma’s Organizations: Hong Kong CNN, CNN, JC Properties, JSP Investment, Abaca, South China Morning Post, Hong Kong, Alibaba Locations: China, Hong Kong, Alibaba, New York, Hangzhou

☆ CNBC Daily Open: A Thanksgiving lull
▼ + stars: | 2023-11-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Last burst before a breakU.S. stocks ended Wednesday in positive territory before going on break today for Thanksgiving. Jack Ma pauses plansAlibaba founder Jack Ma is pausing his plans to sell Alibaba shares. Last week, regulator filings revealed Ma was looking to sell around $870 million worth of Alibaba shares.

Persons: Treasurys, Europe's, Jeremy Hunt, Altman's, Sam Altman, Helen Toner, Tasha McCauley, Ilya Sutskever —, Altman, Bret Taylor, Larry Summers, Adam D'Angelo, Nansen, hasn't, Changpeng Zhao, Jack Ma, Ma, Alibaba Organizations: New York Stock Exchange, CNBC, Finance, U.S, Treasury Locations: New York City, U.S

☆ Alibaba's stock dropped so much that Jack Ma reversed a plan to sell shares for his other investments
▼ + stars: | 2023-11-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

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 business. AdvertisementAlibaba cofounder Jack Ma reversed plans to sell the company's stock following a slump in its stock price last week. The company's stock sank in response, wiping out $26 billion in value over two days. But Ma isn't selling the stock since its current value is lower than its actual value, she said in the memo.

Persons: Jack Ma, —, Alibaba, Ma, Jane Jiang Fang, Jiang, Ma's Organizations: Service, Reuters, Bloomberg, South China Morning, Big Tech, Baidu, Business Locations: Beijing, China, —

☆ Carlyle’s Big Mac China dish is hard to match
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 22 (Reuters Breakingviews) - Carlyle (CG.O) may be lagging its peers in the United States. But in China, at least, the buyout firm is finishing a meal that will be hard for others to find. That’s less than the private equity outfit run by Harvey Schwartz was hoping for, but is tasty enough. Given geopolitical tensions and China’s weak economic growth, Carlyle has done well to secure a hassle-free exit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Carlyle, repurchasing, Harvey Schwartz, ByteDance, Jack Ma’s Ant, Antony Currie, Thomas Shum Organizations: Reuters, HK, X, Walmart, Thomson Locations: SINGAPORE, United States, China, People’s Republic, Hong Kong, Macau, McDonald’s, Rome

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. Two company sources told Reuters that Ma's move had generated a lot of discussion within the company, as did Jiang's post. Alibaba and the Jack Ma Foundation, the philanthropic organization that handles media queries for the billionaire, did not immediately respond to requests for comment. In her internal note, Jiang also repeated comments from Ma's family office shared with the Alibaba-owned newspaper South China Morning Post on Friday that Ma remained "very positive" about Alibaba and that his family trust eventually did not sell a single share. The company has also been grappling with some upheaval in its top ranks, welcoming a new CEO, Eddie Wu, in September.

Persons: Dado, Jack Ma's, Jiang Fang, Jiang, Jack Ma, Ma, Alibaba, Eddie Wu, Daniel Zhang, Casey, Jenny Wang, Brenda Goh, David Evans Organizations: REUTERS, Rights, HK, Reuters, Jack Ma Foundation, China Morning, Casey Hall, Thomson Locations: Rights SHANGHAI, BEIJING, Shanghai, Beijing

☆ Jack Ma halts plans to cut his Alibaba stake after shares in the Chinese e-commerce giant drop
▼ + stars: | 2023-11-22 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Jack Ma, founder and executive chairman of Alibaba Group in Shanghai China on Dec. 5th, 2017. Alibaba's regulatory filings last week revealed Ma is looking to sell 10 million shares at a value of around $870 million. Alibaba founder Jack Ma held off on plans to trim his stake in the Chinese e-commerce giant after the share price fell. However, the plans to sell shares were made in August and coincidentally were made public on Nov. 16, Jiang said. The Alibaba founder has dedicated his time to teaching and research in areas such as agricultural science.

Persons: Jack Ma, Ma, Jane Jiang, Jiang, Alibaba Organizations: Alibaba Group, CNBC, Alibaba's, Beijing Locations: Shanghai China, Alibaba's U.S

☆ Here's why investors don't necessarily need to own international stocks to be diversified
▼ + stars: | 2023-11-19 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

This week's question: Hello, do you believe an international fund or international stocks are required for diversification or can diversification be accomplished domestically Thanks! So, we don't view owning international stocks as a requirement to gain the benefits of geographic diversification. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. This week's question: Hello, do you believe an international fund or international stocks are required for diversification or can diversification be accomplished domestically Thanks!

Persons: Jim Cramer, That's, Jack Ma, Michael Evans, Jack, it's, Tim Cook, Jim Cramer's, Jim, Steve Organizations: Apple, Wynn Resorts, WYNN, U.S ., Industrial, Linde, Jim Cramer's Charitable, CNBC Locations: China, Asia, Pacific, Macau, U.S, United States, Germany, Ireland, United Kingdom

"Investors had hoped to receive separate shares of the cloud business in hopes the segment could achieve a higher multiple in the public markets due to its growth potential." The company then appointed Eddie Wu, one of Alibaba Group's co-founders and long-time lieutenant of former chief Jack Ma, as both CEO of Alibaba and the cloud business. Instead the group would focus on growing the cloud business and providing investment for its AI drivers, he said. [1/2]3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. Alibaba International Digital Commerce, a business that includes platforms such as Lazada and AliExpress, however reported a 53% rise in revenues, with retail revenue up 73% year-on-year.

Persons: Cainiao, Thomas Hayes, Alibaba's, Daniel Zhang, Eddie Wu, Alibaba Group's, Jack Ma, Zhang, Joseph Tsai, Tsai, Wu, Dado Ruvic, Alibaba, Akash Sriram, Brenda Goh, Sam Holmes, Arun Koyyur, Jane Merriman Organizations: Alibaba, HK, Tencent Holdings, Alibaba's, Investors, Analysts, Cloud Intelligence Group, REUTERS, Alibaba Group Holdings, PDD Holdings, Digital Commerce, Casey Hall, Thomson Locations: U.S, China, Hong Kong, Alibaba's U.S, Bengaluru, Shanghai

☆ Jack Ma positive on Alibaba, will continue to hold shares - South China Morning Post
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Founder and Chairman of Chinese internet giant Alibaba Jack Ma gives a speech at Paris' high profile startups and high tech leaders gathering, Viva Tech, in Paris, France May 16, 2019. REUTERS/Charles Platiau Acquire Licensing RightsNov 17 (Reuters) - Alibaba co-founder Jack Ma is "very positive" about the company and will continue to hold its shares, the South China Morning Post reported on Friday, citing a communiqué from his office. The comments from Ma's office come a day after a regulatory filing showed that his family trust was set to sell 10 million American Depository Shares of Alibaba Group Holdings (9988.HK), for about $871 million. The sale will be on Nov. 21 by JSP Investment and JC Properties, funds that are part of Ma's family trust. Ma stepped down as Alibaba chairman in 2019 but remains a major shareholder through his family trust.

Persons: Jack Ma, Charles Platiau, Alibaba, Ma, Yuvraj Malik, Saumyadeb Organizations: Viva Tech, REUTERS, China Morning Post, Alibaba Group Holdings, HK, JSP Investment, JC, Hong, Alibaba, Thomson Locations: Paris, France, U.S, Hong Kong, Bengaluru

Alibaba Group's Hong Kong shares closed down 10%, their biggest single-day drop in more than a year. Some analysts said keeping the cloud unit could assist Alibaba's AI push. But (it) also points to the increasing importance of retaining the cloud unit given the surging demand for AI computing in China," said US Tiger Research analyst Bo Pei. Alibaba reported second-quarter revenue of 224.79 billion yuan ($31.01 billion), in line with the 224.32 billion expected by analysts, LSEG data showed. The company also said it will press ahead with a listing of Alibaba's logistics arm, Cainiao, which applied for a Hong Kong initial public offering in September.

Persons: Group's, Jon Withaar, Alibaba, Joseph Tsai, Aly, Jack Ma, Kenneth Fong, Bo Pei, Eddie Wu, Daniel Zhang, Vey, Sern Ling, Donny Kwok, Josh Ye, Casey Hall, Gu Li, Yelin, Ankur Banerjee, Anne Marie Roantree, Brenda Goh, Muralikumar Anantharaman Organizations: HK, Pictet Asset Management, Tencent Holdings, Artificial Intelligence, REUTERS, UBS, Tiger Research, Union Bancaire, Hong, Thomson Locations: HONG KONG, China, Hong Kong, Asia, U.S, Singapore, Washington, Hangzhou, Shanghai, Alibaba, Union, Yelin Mo, Beijing

☆ Alibaba extends losses to $26 billion in market value after the company announces big reversal of spin-off plans
▼ + stars: | 2023-11-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Alibaba has lost $26 billion in market cap since Thursday, after it shelved plans to spin off its cloud business. Executives said they needed to "reset" strategy, and pointed to US restrictions on chip sales to China. AdvertisementAlibaba walked back plans to spin off its $11 billion cloud business this week, sending shares of the Chinese tech giant lower for a second day on Friday. AdvertisementThe spin-off for its Cloud Intelligence Group had been planned as part of a widespread overhaul of the Alibaba empire. "We believe that a full spin-off of Cloud Intelligence Group may not achieve the intended effect of shareholder value enhancement," the company said.

Persons: Alibaba, —, Joseph Tsai, Eddie Wu, Wu, Tsai, Biden, it's, Jack Ma Organizations: Service, Bloomberg, Biden Administration, Tencent Holdings, JD, Nvidia, Cloud Intelligence Group, Cloud Intelligence Locations: China

The drop, potentially its biggest one-day fall in more than a year, wiped about $20 billion off the Chinese tech giant's market value. It was the first market reaction in Asia since the stunning strategy reversal was announced late on Thursday. "The cancellation of a full spin-off of AliCloud is a negative surprise," said Nomura analyst Shi Jialong in a note. The company said it will press ahead with a listing of Alibaba's logistics arm, Cainiao, which applied for a Hong Kong initial public offering in September. Reporting By Donny Kwok and Josh Ye in Hong Kong, Casey Hall and Gu Li in Shanghai; Writing by Anne Marie Roantree and Brenda Goh; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Group's, Nomura, Shi Jialong, Alibaba, Jack Ma, Kenneth Fong, Joseph Tsai, Bo Pei, Eddie Wu, Donny Kwok, Josh Ye, Casey Hall, Gu Li, Anne Marie Roantree, Brenda Goh, Muralikumar Organizations: Artificial Intelligence, REUTERS, Hong, Tencent Holdings, HK, UBS, Tiger Research, Thomson Locations: Shanghai, China, HONG KONG, SHANGHAI, HK, Hong Kong, Asia, AliCloud, Washington, U.S, Hangzhou, Alibaba

☆ China's Alibaba to scrap cloud unit spinoff in response to US chip curbs
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] 3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 16 (Reuters) - China's Alibaba Group Holding (9988.HK), said on Thursday it will scrap the spin off of its cloud unit in response to export curbs by the United States on chips used in artificial intelligence applications. Its U.S.-listed shares fell about 5% in premarket trading after it also reported second-quarter revenue in line with market expectations. "The recent expansion of U.S. restrictions on export of advanced computing chips has created uncertainties for the prospects of Cloud Intelligence Group," Alibaba said. The e-commerce giant posted revenue of 224.79 billion yuan ($31.01 billion) in the quarter, compared with analysts' average estimate of 224.32 billion yuan, according to LSEG data.

Persons: Dado Ruvic, Alibaba, Pinduoduo, Eddie Wu, Alibaba Group's, Jack Ma, Daniel Zhang, Akash Sriram, Sam Holmes, Arun Koyyur Organizations: REUTERS, HK, U.S, Cloud Intelligence Group, PDD Holdings, Thomson Locations: United States, Bengaluru

Carlyle, which started raising its sixth Asia-focused fund in mid-2022, has bagged less than $3 billion so far, two of the sources said. Investors in private equity companies, known as limited partners, typically reinvest after having booked returns from their previous investments. Private equity firms have made a total of $15.6 billion in exits in Asia, down 82% year-on-year, Dealogic data showed. Sources told Reuters last year Carlyle was aiming to raise $8.5 billion in the pan-Asia fund. Capital allocation to China had been bigger in Carlyle's previous Asia funds, different sources with knowledge of the matter have said.

Persons: Carlyle, Jack Ma's, Harvey Schwartz, Goldman Sachs, Patrick Siewert, Nina Gong, Herman Chang, Kane Wu, Sriram, Xie Yu, Sumeet Chatterjee, Miral Organizations: Carlyle, Investors, Reuters, Yes Bank, Thomson Locations: HONG KONG, MUMBAI, Asia, East, Europe, China, U.S, India, South Korea, Carlyle's, Beijing, Hong Kong, Greater China, Carlyle's Hong Kong, Mumbai

☆ Alibaba stock drops as chip war nixes its plan to spin out cloud business
▼ + stars: | 2023-11-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Alibaba has dropped plans to spin off its cloud computing arm, sending its stock tumbling, because of US controls on chip exports to China which the company said had created “uncertainties” for the division’s prospects. “We will focus on developing a sustainable growth model for Cloud Intelligence Group under the fluid circumstances,” the company said. During talks with Biden Wednesday, Xi described the restrictions as “technological containment,” according to a senior US official. Biden said in response that the United States is not going to provide technology to China that could be used against it by the Chinese military. Alibaba’s revenues for the June-to-September quarter climbed 9% on the previous year to 224.8 billion renminbi ($31 billion).

Persons: London CNN — Alibaba, Xi Jinping, Joe Biden, BABA, ”, Xi, Biden, Tim Cook, Tesla, Elon, ” Xi, Jack Ma Organizations: London CNN, Cloud Intelligence Group, Biden Wednesday, US, San, Apple Locations: China, London, Hong Kong, United States, Beijing, San Francisco

☆ US-China chip war nixes Alibaba’s plan to spin out cloud business
▼ + stars: | 2023-11-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Alibaba has called off plans to spin off its cloud computing arm, saying recent tightening of US controls on chip exports to China has created “uncertainties” for the division’s prospects. “We will focus on developing a sustainable growth model for Cloud Intelligence Group under the fluid circumstances,” the company said. And days after the announcement of the latest US chip restrictions, Beijing unveiled plans to restrict exports of graphite, a mineral required to make batteries for electric vehicles. Alibaba’s revenues for the June-to-September quarter climbed 9% on the previous year to 224.8 billion renminbi ($31 billion). Net profit was 26.7 billion renminbi ($3.7 billion), compared with a net loss previously, due to an increase in the value of the group’s equity investments.

Persons: London CNN — Alibaba, Xi Jinping, Joe Biden, BABA, ”, Xi, ” Biden, Biden, Tim Cook, Tesla, Elon, ” Xi, Jack Ma Organizations: London CNN, Cloud Intelligence Group, Alibaba’s, Biden Wednesday, San, Apple Locations: China, United States, Beijing, San Francisco, Hong Kong

☆ Jack Ma's family trust to sell 10 mln shares in China's Alibaba
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

Nov 16 (Reuters) - Chinese billionaire Jack Ma's family trust is set to sell 10 million American Depository Shares of Alibaba Group Holdings (9988.HK), for about $871 million, the ecommerce company said in regulatory filings. The sale will be done on Nov. 21 by JSP Investment and JC Properties, funds that are part of the family trust. Alibaba and the Jack Ma Foundation, the philanthropic organization that handles media queries for the billionaire, did not immediately respond to requests for comment. U.S.-listed shares of Alibaba were down more than 3% in premarket trading ahead of its quarterly results. Reporting by Akash Sriram in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Jack Ma's, Jack Ma, Ma, Eddie Wu, Akash Sriram, Arun Koyyur Organizations: Alibaba Group Holdings, HK, JSP Investment, JC, Jack Ma Foundation, Thomson Locations: Ma . U.S, Alibaba, Bengaluru

☆ SoftBank has lost more than $14 billion by betting on WeWork
▼ + stars: | 2023-11-09 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

Tech conglomerate and investor SoftBank has lost $14.4 billion so far on WeWork. SoftBank was one of WeWork's most bullish backers, predicting it would be worth $100 billion. AdvertisementAdvertisementSoftBank has lost a cumulative $14.4 billion through its disastrous bet on the now-bankrupt WeWork , per the group's July-September earnings. SoftBank overall posted a loss of $6.2 billion (¥931.1 billion) for July to September, compared a profit of $20 billion the same period last year. AdvertisementAdvertisementFuelled with conviction from SoftBank founder Masayoshi Son and billions in investment, WeWork sailed to a colossal $47 billion valuation at its peak in 2019.

Persons: SoftBank, —, Masayoshi Son, WeWork, Adam Neumann, Neumann, Son, Jack Ma, Alibaba . Son Organizations: Service, WeWork, Alibaba, Visual China, Getty Locations: Alibaba .

☆ The CEO of a Chinese tech giant has been unreachable after making his last public appearance in August: Chinese media reports
▼ + stars: | 2023-11-08 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Chen Shaojie, the CEO of Chinese streaming platform DouYu, has been missing for weeks, reports indicate. A DouYu spokesperson told CNN that "business operations remain normal." NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementThe CEO of DouYu, a Tencent-backed live-streaming platform, has been uncontactable for weeks, according to reports from several media outlets. State-owned Cover News, citing unconfirmed reports, first reported on Monday that CEO Chen Shaojie, 39, is being investigated by authorities and has been unreachable for three weeks.

Persons: Chen Shaojie, Chen, —, DouYu, Jack Ma, Bao Fan, Bao, Hui Ka Yan, China Evergrande, Hui Organizations: CNN, Service, Financial Times Locations: State, China, People's Republic of China

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