Why Alibaba Stock Got Mashed on Monday
An unexpected change in top leadership at a major business unit was the reason for (NYSE: BABA) stock's slide on Monday. The Chinese tech giant's shares lost 1.5% of their value on the news, contrasting unfavorably with the 0.7% gain of the benchmark S 500 index.
The news concerned outgoing CEO Daniel Zhang. Alibaba announced on Sunday that Zhang would not remain at the company as the leader of its cloud intelligence group.
In July, Alibaba revealed via an official letter from Zhang that he would step down from his position as company CEO, but stay on as CEO of its cloud business.
Source Fool.com
Alibaba Group Holding Ltd ADR Aktie
112,60 €
0,72 %
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