Alibaba's Leadership Reshuffle Amid Rival Success

Alibaba undergoes leadership changes in response to fierce competition from a rival, PDD, which surpassed Alibaba in market capitalization. Eddie Wu becomes CEO and head of e-commerce, while Trudy Dai sets up an asset management company. Alibaba's shares have declined due to concerns over restructuring and leadership changes, with Temu, launched by PDD, gaining popularity. Temu sells affordable products in markets like the United States and Australia.