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Why Alibaba Stock Dropped Today

TheMotleyFool

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Shares of China's Alibaba Group Holding (NYSE: BABA) stock tumbled on Tuesday, down 2.8% as of 1:45 p.m. ET after Reuters reported that the U.S. government is investigating its cloud business "to determine whether it poses a risk to U.S. national security."

The Biden administration's investigation centers on worries that the Chinese government might gain access to personal information of U.S. customers of the Chinese e-commerce giant, the news agency reports. Corollary concerns regarding the safety of intellectual property stored on Alibaba Cloud and about Beijing's ability "to disrupt access by U.S. users to their information stored on Alibaba cloud" were also mentioned.

Image source: Getty Images.

Source Fool.com

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