In the dynamic realm of tech, Alibaba’s visionary founder, Jack Ma, is pushing for “change” as a formidable rival challenges the e-commerce giant. The recent surge in PDD’s (Pinduoduo) stock, the force behind the Chinese online shopping giant, prompted Ma to address Alibaba’s workforce, emphasizing the necessity for innovation and adaptability.
PDD’s stellar third-quarter performance, marked by a remarkable 94% surge in revenue to 68.8 billion yuan ($9.7 billion) and a 60% increase in operating profit to nearly $16.7 billion, propelled its stock to unprecedented heights. This surge catapulted PDD’s market cap to $195.9 billion, surpassing Alibaba’s $190.5 billion for the first time.
Acknowledging this development, Ma urged Alibaba employees on the company’s internal forum to contribute constructive comments and innovative ideas. In response to the competitive landscape, he underscored the significance of the era of AI e-commerce and the opportunities and challenges it presents.
“I firmly believe that Alibaba will change,” Ma stated. “Everyone has been awesome, but those who can reform for tomorrow and are willing to pay any price and sacrifice are respected. Back to our mission and vision, Alibaba people, come on!”