SHANGHAI (Reuters) - Jack Ma, co-founder of Alibaba Group Holdings Limited (BABAN), has slashed its stake in the company from 6.4 per cent to 4.8 per cent over the past year, boosting its current share price. But has earned about 6 9.6 billion. Indicates the annual filing released on Friday.
The move comes as Ma stepped down as executive chairman of a Chinese e-commerce company in September and stepped down from regular business roles to focus on philanthropy.
Alibaba did not disclose the average selling price of its shares. Its share price has risen nearly 40 percent since Ma reported a 6.4 percent stake in the company a year ago.
Stocks have outperformed forecast earnings growth, even as China's economy slows sharply, as more and more people shop online for accessories due to the COVID-19 epidemic. Are
Alibaba Executive Vice Chairman Joseph Tsai also reduced his stake in the company from 2.3% to 1.6% in the same period. Offload shares were valued at $ 4.1 billion on Friday.
Since Daniel Zhang was announced as Ma's successor as chairman of the company, Ma and Tsai have been consistently less involved in Alibaba's regular operations. He formally assumed this role in September 2019.
During this year, the two have donated millions of units of personal protective equipment (PPE) to hospitals around the world through their individual charitable weapons to help fight the spread of Covid 19.
A statement from the U.S. Securities and Exchange Commission, filed in April 2019, said the MA plans to sell 21 million shares within a year to support its charitable services.
The move comes as Ma stepped down as executive chairman of a Chinese e-commerce company in September and stepped down from regular business roles to focus on philanthropy.
Alibaba did not disclose the average selling price of its shares. Its share price has risen nearly 40 percent since Ma reported a 6.4 percent stake in the company a year ago.
Stocks have outperformed forecast earnings growth, even as China's economy slows sharply, as more and more people shop online for accessories due to the COVID-19 epidemic. Are
Alibaba Executive Vice Chairman Joseph Tsai also reduced his stake in the company from 2.3% to 1.6% in the same period. Offload shares were valued at $ 4.1 billion on Friday.
Since Daniel Zhang was announced as Ma's successor as chairman of the company, Ma and Tsai have been consistently less involved in Alibaba's regular operations. He formally assumed this role in September 2019.
During this year, the two have donated millions of units of personal protective equipment (PPE) to hospitals around the world through their individual charitable weapons to help fight the spread of Covid 19.
A statement from the U.S. Securities and Exchange Commission, filed in April 2019, said the MA plans to sell 21 million shares within a year to support its charitable services.
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