BABA Stock News: Alibaba Group gains despite the re-emergence of an employee scandal
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UNLOCK OFFER- NYSE:BABA gained 2.04% during Friday’s trading session.
- An ex-AliBaba worker wants Chinese police to revisit charges against an ex-boss.
- AliBaba rival Tencent looks to jump into the Metaverse with a new division.
NYSE:BABA rose higher to close the week despite a recent scandal that rocked China once again rearing its ugly head in the global media. On Friday, shares of BABA added 2.04% and closed the trading week at $116.00. After the US markets posted the worst first half of a year since the 1970s, stocks rose higher during the first trading day of the second half. The Dow Jones added 321 basis points, the S&P 500 gained 1.06%, and the NASDAQ managed to post a 0.90% rise during the session.
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A sexual asault allegation that rocked the Chinese business world earlier this year has re-emerged in global media headlines. The ex-worker known only as Zhou, revealed the grizzly details of the incident with her former manager. Both parties involved have since been fired from AliBaba, but the new details show the manager had some malicious intent with his actions. The story sent shockwaves across the Chinese business world and caused a major rise of the Me Too movement in the country. This is the first time that Zhou has revealed her side of the story and comes after an alleged suicide attempt by the victim.
Alibaba stock forecast
In other tech news, one of AliBaba’s chief domestic rivals is making its initial investment into the Metaverse. Chinese tech conglomerate, Tencent, is developing a new unit that deals with XR or ‘Extended Reality’. This is one of the first allusions to the Metaverse that has been made by Tencent, and could be a major boost for the industry in China. It is believed that the Extended Reality team will also be developing hardware for the Metaverse as well.
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- NYSE:BABA gained 2.04% during Friday’s trading session.
- An ex-AliBaba worker wants Chinese police to revisit charges against an ex-boss.
- AliBaba rival Tencent looks to jump into the Metaverse with a new division.
NYSE:BABA rose higher to close the week despite a recent scandal that rocked China once again rearing its ugly head in the global media. On Friday, shares of BABA added 2.04% and closed the trading week at $116.00. After the US markets posted the worst first half of a year since the 1970s, stocks rose higher during the first trading day of the second half. The Dow Jones added 321 basis points, the S&P 500 gained 1.06%, and the NASDAQ managed to post a 0.90% rise during the session.
Stay up to speed with hot stocks' news!
A sexual asault allegation that rocked the Chinese business world earlier this year has re-emerged in global media headlines. The ex-worker known only as Zhou, revealed the grizzly details of the incident with her former manager. Both parties involved have since been fired from AliBaba, but the new details show the manager had some malicious intent with his actions. The story sent shockwaves across the Chinese business world and caused a major rise of the Me Too movement in the country. This is the first time that Zhou has revealed her side of the story and comes after an alleged suicide attempt by the victim.
Alibaba stock forecast
In other tech news, one of AliBaba’s chief domestic rivals is making its initial investment into the Metaverse. Chinese tech conglomerate, Tencent, is developing a new unit that deals with XR or ‘Extended Reality’. This is one of the first allusions to the Metaverse that has been made by Tencent, and could be a major boost for the industry in China. It is believed that the Extended Reality team will also be developing hardware for the Metaverse as well.
Like this article? Help us with some feedback by answering this survey:
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