The co-founder of the Chinese e-commerce giant held only 4.8% of the shares.
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Jack Ma, co-founder of Alibaba, reduced his stake in his company to 4.8%, a sale that would amount to $ 8.2 billion at current market prices.
The divestments coincide with his retirement last September as president of the Chinese e-commerce giant, a position Daniel Zhang assumed.
Alibaba has not disclosed the selling prices of the shares that Jack Ma recently released, but they are in line with the divestment plans it had already forwarded to the U.S. SEC in April 2019 when it announced its intent to sell until to 21 million shares a year to fund your philanthropic projects.
Like Jack Ma, Vice President Joseph Tsai has reduced his stake in Alibaba from 2.3% to 1.6%