Media reports also say JD.com is cutting jobs, but the company disputes this. But losses also widened to $700 million from a year ago as spending on marketing and logistics soared. In an internal letter widely distributed by local media and also confirmed by the company, Liu defended the move as necessary. But shares of JD.com have fallen almost 40% since touching an all-time high last January, shaving $5 billion off the wealth of founder Richard Liu, who is currently worth $7.4 billion. Analysts say Liu has his work cut out for him, as they predict further growth slowdown.

Source: Forbes April 16, 2019 11:26 UTC