Why Alibaba Stock Was Sliding Today

Shares of Alibaba (NYSE: BABA) were sinking today as the Chinese government's crackdown on big tech companies expanded. After the removal of Didi Global's (NYSE: DIDI) ridesharing app downloads from major platforms in China, including Tencent's WeChat and Alibaba's AliPay earlier this week, the catalyst today seemed to be a small fine against Alibaba as well as other Chinese companies.

As a result, most Chinese tech stocks were down today with Alibaba off 3.7% as of 3:16 p.m. EDT and Didi 4.9% lower.

Image source: Alibaba.

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Source Fool.com