![Alibaba Sheds More Than Billion in Market Value After Reversing Cloud Computing IPO Plans Alibaba Sheds More Than Billion in Market Value After Reversing Cloud Computing IPO Plans](https://cms.themessenger.com/wp-content/uploads/2023/11/Alibaba-Joseph-Tsai-1746594240-e1700226609503.jpg)
Alibaba Sheds More Than $20 Billion in Market Value After Reversing Cloud Computing IPO Plans
Shares of Chinese e-commerce giant Alibaba Group Holding fell by nearly 10% on Friday, one day after it backpedalled plans to carve out its $11 billion cloud business and take it public. The share slide in the Hong Kong Exchange on Friday wiped out more than $20 billion in market value from the Chinese e-commerce…