Alibaba stock plunges the most since its debut in Hong Kong
CNN
Shares in Alibaba plummeted in Hong Kong, after the e-commerce giant warned of slower growth this year amid China's weakening economy and Beijing's ongoing tech crackdown.
Alibaba (BABA) dropped 10.3% Friday in Hong Kong, the steepest decline since its debut in November 2019. That drop has wiped out 314 billion Hong Kong dollars ($40 billion) in market value for the company.
The plunge dragged on Hong Kong's benchmark Hang Seng Index (HSI), which tumbled nearly 2%.
Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.