Alibaba (NYSE: BABA) investors have had to endure a lot over the last few years. After founder Jack Ma made insulting comments about Chinese finance ministers, the tech giant bore the brunt of Beijing's crackdown on the tech sector, which led to a multibillion-dollar fine for Alibaba and a number of divestments to assuage Beijing's fears of tech monopolies taking over.

Heading into 2024, some investors were hopeful that a turnaround could be afoot, but Alibaba shares were moving in the opposite direction today after Chinese economic data came in on the weak side and President Xi Jinping acknowledged the headwinds facing the company in a rare moment.

Chinese stocks fell broadly today as a result, and Alibaba finished down 3.5%, matching the decline of the Nasdaq Golden Dragon Index, showing that Alibaba's peers were down by a similar percentage.

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Source Fool.com