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China Sets Up Massive New Fund Firm to Transform Manufacturing
New Zealand Telecom Picks Nokia, Leaves Door Open for Huawei
Even 5G Can’t Reverse China Smartphone Slump
Making Reference to ‘State Secrets,’ China Moves to Restrict Vulnerability Disclosures
Huawei Lawyers Present New Legal Argument to Stop Meng Wanzhou Extradition To U.S.
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NetEase’s Youdao Posts Both Soaring Revenues and Widening Losses in Q3 Earnings Report
Beijing Police Work With Private Company Sinogene to Admit Six Cloned Dogs
Chinese Bitcoin-Mining Firm Raises $90 Million in U.S. Listing
Tencent-Backed Yeahka to Seek $300 Million in Hong Kong IPO
Pinduoduo Shares Plunge After Report of Wider 3Q Loss
Billionaire Wang Jianlin’s Son Released From Spending Ban
China-Built Tesla Model 3 to Go On Sale Friday
U.S.-Blacklisted Chinese AI Firm to Seek Hong Kong IPO Approval: Report
Chinese Scammers Use WeChat More Than Any Other App to Conduct Online Fraud, Report Shows
China to Pilot Global On-Demand Broadband Project Next Year
New Reference Rates for Loans Edge Down in Line With Market Expectations
University President Responds to Allegation of Faking Scientific Results
Didi Expands Global Footprint With Taxi-Hailing Services in Japan, Costa Rica
Alibaba Prices Hong Kong IPO Shares at Around HK$176
Ant May Join Race for Singapore Virtual Bank Licenses
Didi Chuxing to Test Robo-Taxi Service in Shanghai, CNBC Reports

By Coco Feng / Nov 26, 2018 05:24 PM / Business & Tech

Graphic: Caixin

Graphic: Caixin

Whenever Facebook has a public relations crisis, its market cap dips below Alibaba's.

At least that’s how it’s happened, twice this year. The American social media empire’s troubles pulled down its market cap below that of Alibaba’s, for two days last week.

Facebook has been defending itself over alleged misuse of user data and the spread of misinformation on its platforms ever since the 2016 U.S. elections. But its shares tumbled further last week following a New York Times report about the company hiring a lobbying firm to push negative stories about its critics.

It’s Facebook’s second such round of depreciation this year. Between late March and early April, its market cap was also overtaken by Alibaba after Facebook founder Mark Zuckerberg publicly addressed reports that it had misused user data.


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