Alibaba loses $26 billion in market value

Jack Ma

A mix-up from the founder of Alibaba sent shares of the tech company plummeting.

(Photo: Aly Song)

hong kong Investors in China are worried: Beijing has been taking action against the country’s tech companies for a year. Market reaction to the supposed fate of Alibaba founder Jack Ma showed investor jitters on Tuesday.

Meanwhile, shares of Alibaba in Hong Kong fell 9.4%, losing $26 billion on the stock market. Earlier, state broadcaster CCTV reported that authorities in Hangzhou had placed restrictions on a person named Ma. This is where the company is based. The report consisted of just two sentences.

However, the newspaper recouped most of those losses after Hangzhou police said the person involved was not Jack Ma. Shares in Alibaba ultimately closed down 1.8% in Hong Kong.

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