Is Alibaba in Trouble? Former CEO's Exit Sparks Stock Stumble #shorts

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Alibaba Group Holding Ltd.'s stock dropped more than 7 percent in extended trade Wednesday after the Chinese e-commerce giant said its former chief executive, Daniel Zhang, is leaving the company to pursue other opportunities.

The company said in a statement that Zhang plans to pursue other opportunities including in the cloud business, the growth engine of Alibaba Group Holding. The stock price decline comes after Zhang's departure was reported by Hong Kong's South China Morning Post.

Analysts say Zhang's departure could stir concerns about the future of the company's cloud business and its ability to keep up with rival Amazon.com Inc. IMDb