(Bloomberg) -- It was an unusually frigid December weekend when Cheng Wei summoned his inner circle to his Beijing office. The founder of Didi Global Inc., dressed entirely in black, told his lieutenants to slash spending by a fifth in 2022 and begin layoffs after staff return from Lunar New Year vacations. He delivered his bombshell flanked by a giant Powerpoint slide that read: “Don’t live with illusions. Face reality.”Most Read from BloombergTrump’s Final Scene Didn’t Go According to ScriptDe
Alibaba (BABA) closed at $116.76 in the latest trading session, marking a -1.66% move from the prior day.
Yahoo Finance's Emily McCormick joins the Live show to break down how stocks are moving after China eases its COVID-19 restrictions.