Jack Ma, co-founder of Alibaba, surprised employees with an internal memo calling for fundamental change in the company.
Ma praised rival PDD Holdings Inc.’s decisions in gaining market share and expressed confidence that Alibaba would “correct its course.”
Jack Ma speaking at a recent event
Alibaba faces challenges, including a declining stock value, internal upheavals, and competition from PDD and ByteDance.
The company previously announced a plan to break up into six smaller pieces, but the spinoff of its $11 billion cloud arm was later shelved.
Ma’s memo reflects concerns about the company’s direction and comes amid a turbulent period for Alibaba.
PDD’s impressive growth, with an 18% surge in revenue, highlights its success in the e-commerce market, surpassing Alibaba in market value.
Ma’s comments suggest a more active public role after years of staying out of the spotlight due to Beijing’s crackdown on his businesses.
Alibaba’s shares slightly recovered in Hong Kong following Ma’s encouraging remarks, while PDD reported strong financial results.
The memo emphasizes the need for companies to adapt and reform for the future, acknowledging PDD’s successful decision-making.
Overall, the summary highlights Jack Ma’s call for change at Alibaba, the challenges the company faces, and the contrasting success of PDD in the e-commerce market.
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Jack Ma, co-founder of Alibaba, surprised employees with an internal memo calling for fundamental change in the company.
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