Yahoo share price plummet as Alibaba Spin off Alipay

The giant internet company, Yahoo noted late this Thursday that Alibaba Group China base has transferred the ownership of its online payments unit Alipay without any notification. Yahoo shares have fallen more than 6% in the premarket trading on Friday.

Yahoo said in the Claim on Thursday that it will continue to work closely with Alibaba to try its best to protect “economic value for all interested parties”. Yahoo owns 43% Alibaba shares. It claims that the restructuring of Alipay “didn’t get approval of Alibaba’s board of directors or shareholders. They knew nothing about it.”

Alibaba Group owns as well China’s largest e-commerce company Alibaba.com, which is also one of the most important properties. Till 9:22 EST, Yahoo shares have fallen 6.12% by $1.07 to $16.10.

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