Alibaba's stock price peaked in 2020 at more than four times its current value and rapidly declined after new financial regulations were announced, making Aliba

Alibaba's stock price peaked in 2020 at more than four times its current value and rapidly declined after new financial regulations were announced, making Alibaba subsidiary Ant Financial's business model uncompetitive due to collateralization requirements. But Ant Financial was at the time still only a small part of Alibaba's operations and the loss was mostly in speculated future growth potential, while Alibaba's core businesses and the company as a whole kept growing as before. Anyways, people who saw a tech company's stock price tank and didn't think too hard about the details somehow turned this into the narrative that the tech sector was being deliberately dismantled, supposedly to boost hardware manufacturing instead.