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• Jack Ma reduces its stake in Alibaba
• His vice chairman Tsai does the same
• Jack Ma wants to focus more on philanthropy
Alibaba co-founder sells shares in the e-commerce company
Jack Ma, co-founder of the Chinese e-commerce group Alibaba Group Holding, reduced its stake in the Internet company from 6.2 to 4.8 percent last year. This can be found in Alibaba’s annual report, which was recently published. Based on the current share price, Ma raised approximately $ 8.2 billion from the sale. Ma, formerly the richest man in China, is currently ranked 21st among the richest people in the world with a net worth of $ 47.8 billion in Forbes, as of July 14, 2020.
Vice Chairman Joseph Tsai also reduced his shareholding in the same period by $ 3.3 billion in shares from 2.2 to 1.6 percent. At what share price the two ultimately sold their share packages, however, is not known.
The background is philanthropic efforts
The background is Mas’s resignation as CEO of the online retailer to retire, which he took up in September 2019. Since then, Daniel Zhang has succeeded Ma and Tsai, while Ma and Tsai are slowly pulling out of the business, according to Reuters. You would now like to focus more on philanthropic activities. Part of this new direction of work was already their individual commitments to combat COVID-19: both distributed millions of protective clothing to hospitals. According to an application made to the U.S. Securities and Exchange Commission in April 2019, Ma plans to sell 21 million Alibaba shares within one year in line with its philanthropic activities.
Marie-Sophie Steinbach / editorship Forex-news.com.net
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