JD - JD Stock Alert: Why Is JD.com Stock Down Today?
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JD.Com (NASDAQ:JD) stock is slipping on Thursday following news that founder and CEO Richard Liu has stepped down.
This has Liu leaving behind the CEO role at JD.com. However, the company’s founder will continue to serve as the chairman of its Board of Directors. Replacing him as CEO of the company is current president Xu Lei.
The JD.com CEO’s decision to step down from his leadership role at the company comes as more Chinese executives are backing away from the companies they created. This follows moves from Beijing to enforce stricter regulations on the domestic tech sector.
In the case of Liu, he’s already been staying out of the spotlight for some time now. That first started back in 2018 when he was accused of rape. Liu denied the allegations and the matter has since been settled.
Another bit of news today worth noting comes from Tencent (OTCMKTS:TCEHY). The Chinese company announced that it’s shutting down its game streaming rival to Amazon’s (NASDAQ:AMZN) Twitch.
Tencent is no longer moving forward with its streaming plans after regulators crushed a merger between Huya and DouYu. These are two companies that Tencent had major stakes in.
While that news isn’t directly connected to JD.com, it’s weighing on Chinese stocks today. It’s an additional sign that regulators are taking firmer stances with tech stocks in the country.
JD stock is down 4% as of Thursday afternoon and is down 17% since the start of the year.
There’s more stock market news worth looking into below!
InvestorPlace offers all the latest stock coverage that traders need to know about! For Thursday, that includes what’s going on with Social Capital Hedosophia VI (NYSE:IPOF) stock, the most recent Mullen Automotive (NASDAQ:MULN) stock news, as well as why shares of Nordic American Tankers (NYSE:NAT) stock is rising. You can find all of this news at the following links!
More Thursday Stock Market News
- Why Is Social Capital Hedosophia VI (IPOF) Stock in the Spotlight Today?
- Why Is Mullen Automotive (MULN) Stock Down 10% Again Today?
- Why Is Nordic American Tankers (NAT) Stock Up 5% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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