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Baidu shares plunge as founder misses tech summit with Xi Jinping
Shares of Baidu, a major Chinese tech company, fell by 7% on Feb. 17, reducing its market value by US$2.4 billion.
This decline followed reports that Baidu’s founder, Robin Li, did not attend a significant meeting in Beijing with Chinese President Xi Jinping and other business leaders.
The meeting included notable figures such as Alibaba founder Jack Ma and Huawei’s Ren Zhengfei.
According to Reuters’ sources, Li’s absence was particularly highlighted during the event. Baidu has not publicly addressed Li’s absence.
Recent Baidu developments
| Timeline |
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13-Feb-2025 🆓 Baidu to offer AI chatbot free for all users starting April
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13-Feb-2025 🚖 Baidu plans to launch self-driving taxis in Dubai: sources
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11-Feb-2025 💻 Baidu CEO urges more AI investment despite DeepSeek’s growth
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19-Dec-2024 ⚡ Baidu-backed EV maker Jiyue restructures to face competition
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06-Dec-2024 🤖 Baidu launches AI to assist in gov’t document writing
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