Billionaire Mark Cuban quizzes Donald Trump if he knows about Alibaba’s impact on the US
Billionaire investor and Donald Trump gadfly Mark Cuban tweeted at the president on Wednesday asking if knew how big of an impact a single Chinese company has had on the US stock market.
Cuban asked Trump if he realised that “5 per cent of the increase in stock market value (US$250 billion), and 7.5 times our monthly trade deficit with China has gone to one Chinese company.”
The tweet included a link to a blog post about e-commerce giant Alibaba Group Holding Ltd.
Alibaba’s US-listed shares have almost tripled to US$190.23 a share for a market valuation of US$487 billion since its initial public offering in September 2014, which was the biggest in US history.
Trump has long targeted China, decrying the US’s trade deficit with the country and framing the relationship as a global rivalry the US is losing.
That stance seemed to soften during Trump’s visit last week to China, where he praised President Xi Jinping and said he did not blame the Chinese leader for taking advantage of bad policy from previous US presidents.
Alibaba is the publisher of The South China Morning Post.