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Photo: VCG/Getty Images

Richard Liu, the billionaire CEO of JD.com who is facing a rape accusation in Minnesota, said today that he will shift his primary responsibilities away from the Chinese giant's main e-commerce arm, instead focusing on the company's "new businesses." JD's share price fell 5.5% after his announcement.

The big picture: A JD.com spokesperson said, "As CEO of a massive company doing many different things, from the many categories of the retail business, to a major logistics operation, technology innovation and retail as a service, he has long been overseeing the broad strategy for the company." Liu was arrested on Aug. 31 after a University of Minnesota woman said he raped her. He has insisted he is innocent, and Minnesota authorities say they have not decided whether to pursue charges against him. Liu's announcement comes as JD.com, which has the backing of Chinese tech behemoth Tencent as well as Google and Walmart, is losing market value. The company's stock has fallen 54% from its high this year.

Editor's note: This piece has been updated to include a quote from a JD.com spokesperson.

Go deeper

CPAC Republicans choose conservatism over constituents

Rep. Matt Gaetz. Photo: Elijah Nouvelage/Bloomberg via Getty Images

CPAC proved such a draw, conservative Republicans chose the conference over their constituents.

Why it matters: More than a dozen House Republicans voted by proxy on the $1.9 trillion COVID-19 relief bill in Washington so they could speak at the Conservative Political Action Conference, known as CPAC. And Sen. Ted Cruz skipped an Air Force One flight as President Biden flew to Cruz's hometown of Houston to survey storm damage.

Border Democrat warns Biden about immigrant fallout

Henry Cuellar (right). Photo: Tom Williams/CQ-Roll Call Inc. via Getty Images

A Democratic lawmaker representing a border district warned the Biden administration against easing up too much on unauthorized immigrants, citing their impact on his constituents, local hospitals and their potential to spread the coronavirus.

Why it matters: Rep. Henry Cuellar (D-Texas) told Axios he supports President Biden. But the moderate said he sees the downsides of efforts to placate pro-immigrant groups, an effort that threatens to blow up on the administration.

In CPAC speech, Trump says he won't start a 3rd party

Trump at CPAC on Feb. 28 in Orlando, Florida. Photo: Courtesy of C-SPAN.

In his first public speech since leaving office, former President Trump told the audience at the Conservative Political Action Conference (CPAC) that he would not start a third party because "we have the Republican party."

Why it matters: The former president aims to cement himself as Republicans' "presumptive 2024 nominee" as his top contenders — including former members of his administration — face the challenge of running against the GOP's most popular politician.