Alibaba Group Holding Ltd has laid off over 10,000 employees in the past three months, informed various media reports. The lay offs have come as a response to the country's 50% drop in the net profit, in the month of June. Also, the country's slowing economy has created a requirement for Alibaba to cut down expenses. With the aforementioned layoffs, the company currently employs around 2,45,000.
Alibaba, Chinese technology corporation, has laid off around 10,000 workers as part of cost-cutting efforts in the face of a weakening economy. The layoffs came as Alibaba announced a 50% decline in net profits in the June quarter, to 22.74 billion yuan. In other developments, Alibaba Chairman and CEO Daniel Zhang Yong stated that the internet business wants to hire 6,000 new university graduates by the end of the year.
Courtesy: India Today
SoftBank on November 8, reported a sharp decline in its half-yearly profit with a net loss of 3.5 billion dollars. According to reports, China's stricter regulations on technological companies have directly caused an impact on profits, as the company plays a key role in Chinese Startups. Shares of Alibaba and Didi Global, in which SoftBank has a major stake,… read-more
Courtesy: The Wall Street Journal
Jack Ma-owned e-commerce giant Alibaba has been slapped with a whopping fine of $2.78 billion by the Chinese market regulators. Accused of malpractices and misusing market-dominant position, Alibaba is under investigation radar since December 2020 when Jack Ma had criticised the Chinese government’s regulating agencies. The amount of fine imposed was four percent of Alibaba's 2019 sales of 455.7 billion Yuan.
Quashing the speculation theory of his persecution, Chinese billionaire entrepreneur Jack Ma on January 20 appeared on a public platform for the first since October 2020. He was seen in an online annual event hosted by him to felicitate the achievements of the rural teachers. Earlier, the co-founder of Alibaba and Ant had gone missing after he had a spat with the Chinese government that led to an open investigation into the empire of the tech… read-more
Chinese billionaire and 'Alibaba' owner Jack Ma is speculated to have been abducted as his whereabouts are unknown since November 2020. Ma's disappearance came into light after he was replaced by another Alibaba executive as a judge in his show 'Africa's Business Heroes' for its final episode. Reportedly, the Chinese regime had started cracking-down on Ma's Alibaba and ANT group following his criticism of the country's financial regulation… read-more
Courtesy: Business Today
Alibaba's founder Jack Ma-backed Chinese fin-tech giant Ant Group is eyeing to make world's largest share market debut by selling stocks worth $34.4 billion. The company plans to sell only 11% of shares on Hong Kong and Shanghai stock markets on November 5. Reportedly, investors from Singapore and Abu Dhabi have already shown interest in purchasing shares. Ant Group owns digital payment app 'Ali Pay' and offers various financial services.
US President Donald Trump is considering to ban more Chinese firms, including e-commerce site Alibaba. He hinted regarding this after signing an executive order on August 14 that necessitates ByteDance to sell TikTok's operations in the US within 90 days. “There is credible evidence that leads me to believe that ByteDance might take action that threatens to impair the national security of the United States," the order stated.
Courtesy: The Statesman