Alibaba Group Holding Ltd’s cloud division is undergoing a round of job cuts that could reduce its workforce by around 7%. The move is part of a turnaround aimed at preparing the unit for a spinoff and eventual IPO, with the aim of streamlining the business to fully carve it out as a standalone company within a year. Alibaba Cloud is one of the largest companies created by the parent’s six-way division. CEO Daniel Zhang has outlined details of the historic shakeup, which includes a plan to completely relinquish control of Alibaba Cloud, a once-thriving operation that has the potential to supercharge the company the way Amazon Web Services has grown to represent Amazon.com Inc. Some analysts have valued the cloud business at more than $30 billion.
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