Alibaba records $1.2 million loss
The Chinese e-commerce company, Alibaba Group, is counting its losses and it is huge.
Alibaba.com has declared a massive loss of $1.2 million, the biggest loss the company has recorded in nearly eight months. The cause of this loss is said to be a result of Jack Ma’s open criticism of the Chinese government.
Jack Ma attended the Bund Summit in China, a business and finance forum where he spoke about the Chinese government’s inefficiency as regards development policy-making, the autocratic manner in which the government relates with banks within the country, and the micro-management approach adopted by different Chinese regulatory bodies.
Following his speech, Alibaba has lost 17% of its market value and the company’s shares dipped by 4%. The company was also slammed with a $2.8 billion fine for misusing its market position.
Jack Ma’s $34.5 billion ANT Group IPO has been deferred by the Chinese government and is now ranked as the third richest man in China, falling short by two positions.