Both Yahoo and world’s number one B2B portal alibaba.com are suffering from a strange disease which we would call “blameria”. The public mudslinging game over what Yahoo did or did not know about Alibaba’s decision to sell its online payment unit Alipay continues unabated at board meetings and press releases.
CEO and chariman of the Alibaba Group, Jack Ma, told shareholders Alibaba was, “100 percent legal and 100 percent transparent” in its sale of Alipay. While Yahoo’s claim is opposite. They say that they have been caught off guard by Alibaba’s decision to sell Alipay. There seems no end to blame game and executives and investors are concerned about the prevailing situation.
The situation is getting nasty because of 1) Yahoo has 40% stake in the Alibaba Group, and 2) Yahoo’s cofounder Jerry Yang sits on the board of both Yahoo and the Alibaba Group. Ma angrily rejected the idea that he was doing something shadowy, fake or underground with Alipay by saying “We will not do something underhanded or secretive that we have to keep from the board of directors.” Ma further said, “Yahoo and Softbank have always been our strategic partners … If we had not been doing everything above board, we would not be where we are today.”
Let’s keep our fingers crossed that how Yahoo and Alibaba resolve the issue in coming days.
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