Wall Street Breakfast Alibaba sells Sun Art at $2B loss
Jan 2, 2025
Alibaba's decision to sell its stake in Sun Art at a significant loss raises questions about its e-commerce strategy. Meanwhile, brand prescription drugs are set for a 4.5% price increase in 2025, impacting consumers and investors alike. The Cybertruck scandal deepens as links to a violent New Orleans incident emerge. Keeping an eye on the competition, the discussion also considers whether Nike can maintain its edge in the market.
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Alibaba Divests from Sun Art
- Alibaba sold its majority stake in Sun Art Retail Group for $1.58 billion, incurring a significant loss from its $3.6 billion investment in 2020.
- This divestiture reflects Alibaba's strategic shift towards core e-commerce operations and streamlining its business portfolio.
Drug Price Hikes
- Branded prescription drug prices are projected to rise by an average of 4.5% in 2025, mirroring the increase seen in 2024.
- Over 250 drugs are expected to have list price increases, impacting patient costs and healthcare spending.
New Year's Attacks
- Two attacks occurred over New Year's 2025, one on Bourbon Street in New Orleans and another involving a Tesla Cybertruck explosion in Las Vegas.
- The incidents appear linked, with both perpetrators having reportedly served at the same military base and rented EVs from Turo.