Alibaba's American Depositary shares were trading in the red on Monday after Big Short Michael Burry said in a Sunday X post that he had completely offloaded his stake in Alibaba and has routed that capital towards JD.com after the Chinese e-commerce and AI giant disclosed plans to raise $10.2 billion via a stock offering to advance its AI projects.
Burry added that he had initially planned to move most of his Alibaba allocation back into the stock after a couple of months, but now that plan is cancelled until the stock price falls by at least 50%.
