Alibaba’s Jack Ma sells stock worth $9.6 Billion to reduce stake in company

Alibaba’s Jack Ma sells stock worth $9.6 Billion. Co-founder of Alibaba’s Group Holding Ltd Jack Ma, has reduced his stake in the business. From 6.4% to 4.8% over the past year.

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Alibaba’s Jack Ma sells stock worth $9.6 Billion. Co-founder of Alibaba’s Group Holding Ltd Jack Ma, has reduced his stake in the business. From 6.4% to 4.8% over the past year. Trying to cash out about $9.6 billion at its current stock price. Also the company’s annual report released on Friday revealed.

In September, Ma resigned as the chief executive officer of the Chinese e-commerce firm and retired from its formal work position to concentrate on philanthropic work.

The weighted sale price of his divestment was not announced by Alibaba. Its share price increased by approximately 40% since Ma had announced a year ago a 6.4% stake in the company.

Even as the Chinese economy is slowing dramatically. Therefore, more citizens shop online for basic product. Which is due to the COVID-19 pandemic. Also, their stock stellar achievements have been supported by prediction-based income growth.

Joseph Tsai (Alibaba Executive Vice President) has reduced his company stake. From 2.3 percent to 1.6 percent during the same span. As of Friday, the emptied stock had a valuation of $4.1 billion.

Since Daniel Zhang was named as Ma’s replacement as chairman of the group. Both Ma and Tsai have been gradually less active in routine operations at Alibaba. In September 2019, he formally assumed that position.

Throughout this year, they have given their individual charitable resources to hospitals worldwide, giving them million units of personal protective equipment ( PPE).

A US filing in April 2019 The Securities and Exchange Commission stated that Ma plans to sell up to 21 million shares for one year to assist its philanthropic efforts.