MPNGY - What's Going On With Alibaba Stock Monday? | Benzinga
Alibaba Group Holding Limited (NYSE: BABA) continues to make headlines with its business restructuring attempts to unlock shareholder value. The company reportedly closed its quantum computing research lab, indicating a shift towards cost-cutting measures.
The company plans to donate the lab's equipment to Zhejiang University in Hangzhou, where Alibaba is headquartered, Bloomberg reports. Approximately 30 staff members will be affected by the closure, with some potentially finding new roles at the university.
This move is part of a more significant restructuring by Alibaba, led by Joseph Tsai and Eddie Wu, close associates of co-founder Jack Ma, as per Bloomberg report. They recently halted plans to spin off and list the company's cloud services division.
The closure of the quantum computing lab, ...