Alibaba's Jack Ma Calls for Reform Amid Rival's Rise
TL;DR Summary
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.
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- Jack Ma Urges Alibaba to ‘Correct Course’ in Internal Memo Bloomberg Technology
- Jack Ma returns to rally troops after Alibaba's troubles deepen The Japan Times
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