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China detains man named ‘Ma’, news wipes $26 billion off Alibaba stock

News Snapshot:

A man with the surname ‘Ma’ was detained in China, causing billions of dollars in damage to Jack Ma’s Alibaba. Within minutes of the report coming out, the company’s shares fell 20 per cent. With the sudden drop in stock prices, $26 billion was wiped out of Alibaba’s market value. What caused panic was that a man nicknamed ‘Ma’ was detained in the city of Hangzhou – where Alibaba is located – on national security grounds. according to this CNNThe man was placed under “compulsory measures” on April 25 for “inciting secession” and “inciting subversion of state power” on suspicion…

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