Once the shining star of China's tech industry, Alibaba (NYSE: BABA) is falling back to earth. The e-commerce titan is down over 30% from peak levels, having been walloped by regulatory investigations in the U.S. and China. Investing legend Charlie Munger sees this as an opportunity.
(Bloomberg) -- Alibaba Group Holding Ltd. was the victim of a months-long web-scraping operation by a marketing consultant that siphoned up sensitive data including usernames and phone numbers, according to a court case that wrapped in June.A central Chinese court ruled that an employee of a consultant that helps merchants on Alibaba’s Taobao online mall was guilty of dredging up more than a billion data items on Taobao users since 2019, using that to serve clients. The court imposed jail terms
Following Ma's criticism of China's regulatory system last year, Beijing came down heavily on the company, leading to the shelving of financial affiliate Ant Group's $37 billion initial public offering and an enforced restructuring of Ant. Ma, China's best-known entrepreneur, has been largely out of public view since.