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Alibaba: Jack Ma supports management - investors enthusiastic
Alibaba founder Jack Ma praises the boardroom: shares are rising sharply. Find out why investors are reacting enthusiastically. April 10, 2024.
Alibaba: Jack Ma supports management - investors enthusiastic
Alibaba founder Jack Ma recently made an unusual statement expressing his support for the work of the company's senior management. In this memo, addressed to Alibaba employees, Ma praised its executives, including CEO Eddie Wu and Chairman Joe Tsai. He emphasized that their decision to split the company into six companies helped streamline decision-making and make Alibaba more agile and customer-focused.
Ma also acknowledged that Alibaba has made mistakes in the past and stressed the importance of reforms for the company's future. By praising senior management, Ma may be trying to restore internal and external trust in Alibaba's leadership, especially as negative voices mount in 2024.
Despite his operational inactivity, Ma retains a four percent stake in Alibaba. His public appearances have been rare recently and he has immersed himself in private life. Investors' positive reaction to Ma's praise was reflected in a rise in Alibaba's share price, which rose 5.04 percent in Hong Kong, contributing to a positive performance in the overall market. The price on the NASDAQ also rose by 2.16 percent.
It remains to be seen what long-term impact Ma's praise will have on Alibaba and its leadership. Given recent developments and Ma's rare public statement, further investor and market reaction will be eagerly awaited.