Masayoshi Son, Softbank Chairman, has resigned from Alibaba’s after 15 years of being a part of the board in the company. The announcement was made by him during the annual shareholder meeting of Softbank, held on June 24.
In his announcement, he said that he is graduating from Alibaba and also mentioned that he plans to continue as SoftBank chief executive. He also stated that Alibaba will remain the crown jewel of the company’s portfolio.
The news comes in the time when Jack Ma, founder of Alibaba, also steps down from the board of Softbank after 13 years. However, no disagreement between the two billionaires has been indicated.
As per media reports, Masayoshi Son had invested 20 million dollars in Alibaba and has helped significantly in its growth. The net worth of Alibaba is at 600 billion dollars.
While addressing shareholders in Tokyo, the billionaire also mentioned that Softbank shareholder value is now at 218 billion dollars and that the market is miscalculating the Japanese company’s potential.
The company is said to sell and raise over 20 billion dollars its stake in T-Mobile US Inc. along with sale of Alibaba stocks, as per several media reports. Softbank is said to have now completed 80 percent of unloading of assets.