NEW YORK (TheStreet) -- Alibaba (BABA) - Get Report shares are down 1.27% to $84 in early market trading on Wednesday after the Chinese e-retail company's CEO Jack Ma imposed a hiring freeze at the company because it is growing too quickly.
"This year our entire group's headcount won't increase by one person. The purpose is simple: we need to get into formation. I think 30,000 people is efficient," Ma said in a speech whose transcript was posted on the company's official Chinese social media page.
Alibaba, Asia's largest Internet company, currently has a 30,000 strong work force to service its 334 million active users. The company has previously said that it would like to increase its customer base to 2 billion by 2019.
The company is looking to expand into emerging markets like Brazil and India as its goal is to get 50% of its revenue from outside of China, according to Bloomberg.