Alibaba Stock Soared Today -- Is It a Buy?
Chinese e-commerce giant Alibaba Group (NYSE: BABA) stock had a rough year in 2021. As the Chinese tech stock market imploded, Alibaba shares shed roughly 50% of their value, costing outside investors in excess of $300 billion in stock market losses.
But this morning, Charlie Munger threw those investors a lifeline.
As Reuters just reported (and I rereported), the chairman of the Daily Journal Corporation (NASDAQ: DJCO) and vice chairman of Berkshire Hathaway just had the former of those two companies double its investment in Alibaba stock. In its second big purchase of the past year, Daily Journal scooped up 602,060 American depositary shares of Alibaba for about $36 million total.
Source Fool.com
