Jack Ma steps into ‘mistakes’ brouhaha to boost Alibaba’s morale, urges staff to embrace change and prepare for AI to upend e-commerce‘We hacked away at the big-company disease,’ so reform is the only way out, according to Ma’s memo to Alibaba employees. ‘We turned the company from a cumbersome organisation into one that is simple and agile, where efficiency comes first, and the market comes first,’ Ma wrote.
The capital markets have punished Alibaba for its mistake. The company’s stock has plunged 77% from its 2020 record of HK$307.40 per share in Hong Kong to HK$70.50 in recent trading, faring worse than the 31% decline in the Hang Seng Index over the same period. Alibaba has lost HK$2.6 trillion in value over that period.
“We made countless mistakes in the past 25 years, and we will make mistakes in the next 77 years” over the course of Alibaba’s aim to span three centuries, wrote Ma. “Facing problems is not to deny the past, but to find the way responsibly to the future.”
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