Reuters/Aly Song
- Alibaba has lost $26 billion in market cap since Thursday, after it shelved plans to spin off its cloud business.
- Executives said they needed to "reset" strategy, and pointed to US restrictions on chip sales to China.
- The stock dropped more than 9% on Thursday, continuing its slide on Friday.
Alibaba walked back plans to spin off its $11 billion cloud business this week, sending shares of the Chinese tech giant lower for a second day on Friday.
By market value, Alibaba has shed about $26 billion in two days, with most of that loss coming on Thursday when the stock plunged 9.1% in US trading.
It marks the steepest stock sell-off for the stock in more than a year.