Alibaba raises buyback to $25B to boost slumping stock

BEIJING (AP) — Alibaba Group, the world’s biggest e-commerce company, is increasing a share buyback to $25 billion from $15 billion to prop up a stock price that has fallen by more than half since the ruling Communist Party tightened control over tech industries with regulatory crackdowns. Alibaba said the increase is a “sign of confidence in the company’s continued growth.” The company said it has paid out $9.2 billion so far in the buyback announced earlier. Alibaba’s U.S.-traded shares have fallen 56%, wiping out hundreds of billions of dollars of stock market value, since the ruling party launched anti-monopoly and data-security crackdowns in 2019.