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Technology Stocks : Alibaba Group Holding Limited

BABA 179.98

+1.8%

Oct 29 3:59 PM EDT

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Glenn Petersen

From: Julius Wong	5/3/2022 4:04:15 PM
	1 Recommendation of 882

Alibaba slips in wake of mistaken report about founder Jack Ma May 03, 2022 2:41 PM ET Alibaba Group Holding Limited (BABA) BILIBy: Rex Crum, SA News Editor 12 Comments maybefalse/iStock Unreleased via Getty Images Alibaba (NYSE: BABA) shares were down slightly, Tuesday, after an earlier unconfirmed report mistakenly suggested company founder Jack Ma had been detained by police in the city of Hangzhou. Chinese state television [CCTV] had reported that a person named "Ma" was under investigation for suspicion of violating national security in Hangzhou, where Alibaba ( BABA) is headquartered. That report sent Alibaba's ( BABA) U.S.-traded shares down by almost 2%. However, in Hong Kong, Alibaba's ( BABA) stock price dropped more than 9% before recovering. Alibaba ( BABA) bounced back after CCTV reported that Jack Ma hadn't been detained for any reason. Apparently, a mistake had been made with the Chinese characters used to create the name "Ma."

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