Alibaba briefly loses $26 bn in market value after a man surnamed 'Ma' is held

The arrest of a man surnamed 'Ma' in China led to shares of Jack Ma's Alibaba falling by almost 10% on May 3, briefly erasing about $26 billion of market value. The state-run media had reported that the man was arrested for alleged national security violations. Alibaba’s shares recovered after the police clarified it wasn’t Jack Ma who was arrested.