Jack Ma Sells $6 Billion of Alibaba Shares Amid Price Surge
What’s New: Jack Ma, the founder and second-largest shareholder of Alibaba Group Holding Ltd., cashed out more than $6.1 billion by selling down his holding in the e-commerce giant over eight months since the company launched its secondary listing in Hong Kong.
Ma’s reduced his Alibaba stake from 6.1% in November to 4.8% as of July 2, the company’s filings showed. Alibaba did not reveal the average selling price of Ma’s divestment. During the period, Alibaba’s U.S.-traded shares rose 28.9% to $223.60 each.
More to know: Alibaba’s third-largest shareholder and co-founder Joe Tsai also reduced his stake in the company from 2% to 1.6% between November and July, filings showed. The sales amounted to $1.7 billion for Tsai based on Alibaba’s average stock price during the period.
Japanese conglomerate SoftBank remains the largest shareholder of Alibaba with 24.9%. That company also set plans to sell down its holdings to raise as much as 1.25 trillion yen ($11.7 billion) to ease financial pressures.
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