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Alibaba dives after Yahoo's surprise stake sale

5:49 am on Sep 18, 2009 (gmt 0)

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Alibaba dives after Yahoo's surprise stake sale [news.ciol.com]

Yahoo Inc's sale of its stake in China's top e-commerce company Alibaba.com came as a surprise to Alibaba executives, highlighting a growing strain between the two Internet firms and sending Alibaba.com shares down more than 12 percent on Tuesday.

Alibaba was only informed of the sale on Thursday -- the day of its 10th anniversary -- with the news relayed via a lower level executive, said a source close to the company, who declined to be named given the sensitivity of the issue.

"It's like telling your wife she looks fat on her birthday," he said.