Alibaba to Cut Workforce by 7%

Alibaba, the Chinese e-commerce giant, is cutting 7% of its workforce in the cloud computing division as it prepares for an initial public offering. Affected employees will be offered severance packages and assistance in finding new positions within the company. In March, Alibaba announced plans to divide the company into six business units, each with its CEO and board of directors. Recently, the company revealed its intention to fully spin off its cloud computing unit into an independent publicly listed company within the next year. Alibaba has made progress in the cloud sector, holding the top market share in China and second place in the Asia-Pacific region, trailing behind Amazon, according to Synergy Research Group. On a global scale, Alibaba still lags behind industry giants such as Amazon, Microsoft, and Google.