Monday, September 27, 2021

Alibaba's lost treasure sends market value below Walmart

Alibaba Group Holding Ltd. took its first name from the tale of a woodcutter who found treasure hidden by 40 thieves. Now the Chinese online retailer finds its market value dwindling, just as the thieves’ stash did in the story. Alibaba fell below the value of Walmart Inc., the world’s biggest retailer by sales, on Friday for the first time since August 2016. The reversal followed a 54% plunge in Alibaba’s value from a record $858.1 billion last October, before a Chinese government crackdown on technology-driven companies, according to data compiled by Bloomberg.

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