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Alibaba capitalization fell by $26,000,000,000 due to the fact that two people were beguiled in China

By: Maksim Panasovskyi | 03.05.2022, 18:41

Company Alibaba lost $26 000 000 0000 capitalization after live Chinese television announced the sanctions against a man with the surname Ma.

What happened?

Jack Ma - Chinese entrepreneur and company founder Alibaba. Of course, his last name is not exclusive. On air channel CCTV reported imposing some restrictions on a person with the surname Ma. After this the shares Alibaba fell 9.4%, reducing the company's market capitalization by approximately $26,000,000,000.

After it became known that the sanctions were applied not to the former CEO Alibaba, the share price returned to its previous level. Analyst Forsyth Barr Asia Wheeler Chen noted that he called the fall in stock prices amid unconfirmed reports a weak mood in the technology field.

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