Shares of Alibaba (BABA) - Get Report sank 6.7% Wednesday, closing at $75.57 after the company disclosed that the SEC is taking a closer look at its accounting practices. 

According to TechCrunch, the investigation is primarily focused on the company's Single's Day sales, affiliate organizations and general investments. The SEC will likely have its work cut out, given how many investments Alibaba has made in so many companies around the world. 

The requests from the SEC for more information was reportedly made earlier this year, which Alibaba said it has cooperated with. The company also says it did not break any laws in the matter.

The fact that Alibaba is a Chinese-based company worried some investors leading up to its 2014 IPO, the largest IPO in U.S. history. The way the company is structured has also forced some investors to give it a second, thorough look. 

Perhaps the SEC will find no wrongdoings and Alibaba will go about its way. But either way, the SEC has a lot of work ahead of it. 

Last week, Apple (AAPL) - Get Report invested $1 billion in ride-hailing service Didi Chuxing, based out of China. Many viewed it as move that could hurt Uber, which is trying to gain traction not only in China, but around the world. 

Well, it looks like it won't be alone, as Toyota Motors (TM) - Get Reportwill apparently invest in Uber. The automaker is said to have made a small investment and wants no part in controlling it. Uber's value has swelled, climbing to has high as $62.5 billion. Reportedly, the two companies will also work together in order to offer leases for Toyota vehicles to Uber drivers. 

Toyota is joining in as other automakers make similar moves. General Motors (GM) - Get Report invested in Lyft earlier this year, while earlier this week, Volkswagen invested in Gett. 

Ride-sharing is just one of the many changes chugging through the automotive world. Self-driving cars, although not popular among public opinion just yet, feels like it's only around the corner, while Tesla (TSLA) - Get Report is on the cusp of potentially bringing high performing electric vehicles to the masses. 

Toyota closed at $102.62 Wednesday, up 2%. 

Earlier this year, we looked at Alphabet's  (GOOGL) - Get Report partnership with Fiat  (FCAU) - Get Report in self-driving cars. Well now it looks like the tech giant is taking it one step further, by opening up a new location in Michigan, the Self-Driving Car Development Center.

Located just outside of Detroit, the new center will be used to further develop its self-driving technologies and work more closely with Fiat. The new location will also help Alphabet attract and retain employees that have been in the industry for a while, seeing as though the "Big Three" are all located in Michigan as well. 

A number of automotive and technology companies have already developed technology for autonomous vehicles. Although consumers aren't convinced its the best way to go yet, getting through regulations will be another hurdle. Still, those involved seem confident that working on this futurist technology today will pay off tomorrow. 

Shares of Alphabet closed at $738.10 Wednesday, up 0.7%.

Alphabet and Apple are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL or AAPL? Learn more now.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.