13th July, 2020
Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8 per cent from 6.2 per cent, cashing out around 8.2 billion dollars at its current share price.
The firm’s annual filing showed that Jack loses 40 percent of his shares.
This divestment comes as Jack retired as the Chinese e-commerce company’s executive chairman in September and pulled back from formal business roles to focus on philanthropy.
However, Alibaba did not disclose the average selling price of his divestment.
Its share price has risen around 40 per cent since jack reported his 6.2 per cent holding in the company a year ago.
The stock’s stellar performance has been helped by forecast-beating earnings growth, even as China’s economy sharply slows, as more people shop online for essentials due to the COVID-19 pandemic.