Alibaba the Chinese tech giant’s shares fell by 3.5% on Monday, after the company stepping down its CEO Daniel Zhang as Chairman and also handled the cloud business as CEO. Alibaba declared the surprise move in June that Zhang was demoted as chairman and CEO of Alibaba Group.
His main task is to focus on Alibaba’s cloud intelligence unit. In June Alibaba did a surprise leadership reshuffle and said that Zhang did great in the position of CEO and Chairman. And the focus on cloud business is increasing.
Wu the Co-founder will become the CEO and director while Jose Tasi (Co-founder) will be the Chairman in September, everybody is confused by the changes that the e-commerce giant is making.
Alibaba said in the Sunday statement,
“The board of our Company expresses its deepest appreciation to Mr. Zhang for his contributions to Alibaba Group over the past 16 years”.
The main focus here is the plan where Alibaba split into six business groups and each business group will raise outside funding and release to the public. Billions being wiped off from Alibaba’s share price because Alibaba faced slowing economic growth and strong regulation from its homeland Beijing.
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