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China detains man named Ma, causing jitters that wiped $ 26B off Alibaba stock

May 5, 2022
Source: google.com google.com
News Snapshot:
Alibaba’s shares plummeted nearly 10% within minutes of rumored reports earlier this week that a man named “Ma” had been arrested for alleged national security violations. It later turned out that “Ma” was not Alibaba co-founder Jack Ma, who has kept a low profile since he was questioned by police during Beijing’s crackdown on big business in late 2020, Bloomberg reported. Police later issued a statement clarifying that the man they arrested was an IT employee born in 1985 – making him 20 years younger than Jack Ma. The statement was enough for Alibaba to recover some of their losses....
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Tags: Alibaba | Alipay | Ant Group | app | arrested | ASIA | Beijing | Bloomberg | Business | China | crackdown | Dollar | employee | European | finance | Internet | Jack Ma | national security | online payment | online shopping | police | Shanghai | stock market | technology | Xi Jinping

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