Alibaba Shares Jump After Getting Hit With $28 Billion Fine and fuboTV Shares Rise After New Streaming Deal
In Hong Kong trading on Monday, shares of Alibaba jumped over 5%.
Shares of the Chinese e-commerce company rose after Chinese regulators hit the company with a record $2.8 billion fine. The fine is equivalent to 4% of Alibaba’s sales in China in 2019 and breaks the previous record fine of $975 million to American chipmaker Qualcomm. In 2015.
Regulators began investigating Alibaba in December for anti-competitive practices and acting like a monopoly. They were looking to see if Alibaba was preventing merchants from selling their products on rival e-commerce platforms.
Shares of Alibaba have risen over 10% in the past 12 months.
Last Friday, shares of fuboTV surged, closing up 12.61%.
Shares of the American streaming television service jumped after the company announced a deal obtaining exclusive rights to prominent soccer games.
fuboTV obtained the rights to stream the Qatar World Cup 2022 qualifying matches of the South American Football Confederation. The matches will start in June. In a press release, CEO David Gandler said, “By offering the best of South American soccer in advance of Qatar 2022, we are further differentiating fuboTV’s sports-first content portfolio enabling us to engage with more consumers than ever before.”
Shares of fuboTV have skyrocketed over 220% in the past 12 months.
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