Alibaba shares fell 8.4%. Then Joe Tsai and Eddie Wu went shopping

Alibaba's chairman Joe Tsai and CEO Eddie Wu purchased about HK$120 million ($15.3 million) of company shares after the stock dropped 8.4%, marking its biggest decline in over a year. The share placement raised HK$80 billion ($10.2 billion) to fund Alibaba's AI initiatives, with strong demand from institutional investors.