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Alibaba's Jack Ma Calls for Reform Amid Rival's Rise

1 min read
Source: CNN
Alibaba's Jack Ma Calls for Reform Amid Rival's Rise
Photo: CNN
TL;DR

Alibaba founder Jack Ma calls for reform as rival Pinduoduo's stock surges, surpassing Alibaba's market cap for the first time. Pinduoduo reported strong Q3 earnings, with revenue soaring 94% and operating profit surging 60% year-on-year. Ma urges Alibaba employees to provide constructive comments and innovative ideas, emphasizing the need for reform and willingness to pay any price. Alibaba's shares have fallen 15% this year amid restructuring, leadership changes, and intense competition. Pinduoduo's success is attributed to the recovery of the Chinese economy and the popularity of its affordable online superstore, Temu.

Topics:business#alibaba#business#competition#e-commerce#jack-ma#pinduoduo
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  1. ‘Pay any price.’ Alibaba’s Jack Ma urges reform as rival rattles e-commerce giant  CNN
  2. Alibaba's Value Slips Below PDD's in Landmark for China  Yahoo Finance
  3. Alibaba Gets Rare Wall Street Downgrade as Rival Gains Traction  Bloomberg
  4. Jack Ma Urges Alibaba to ‘Correct Course’ in Internal Memo  Bloomberg Technology
  5. Jack Ma returns to rally troops after Alibaba's troubles deepen  The Japan Times

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