Alibaba stock jumps 10% as the Chinese tech giant begins its biggest reorganization ever and eyes new IPOs
jumped 10% Tuesday following the company's announcement that it would begin its largest restructuring ever.
Alibaba plans to divide its business into six independently operated entities: cloud, Chinese e-commerce, global e-commerce, digital mapping and food delivery, logistics, and media and entertainment. "This transformation will empower all our businesses to become more agile, enhance decision-making and enable faster responses to market changes," Zhang wrote in a letter to employees, according to reports.
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