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المشهد العربي
Alibaba's shares fall on $10B fundraise
Alibaba's stock declined by 8.5% at market close after announcing plans to raise $10.2 billion through the issuance of 710 million shares to fund expansion in artificial intelligence. This drop comes as part of the company's efforts to strengthen its financing capabilities, with the offering expected to be completed on Wednesday. The company aims for approximately 40% of the offering to target investors with long-term strategies and sovereign wealth funds in Europe, Asia, and the Middle East. It is also worth noting that the stock has lost 21.55% since the beginning of the year.
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