https://www.forex-news.com/
Forex-News has been the world leading economy news website since 2005. It has been a joyful path full of changing variables in this changing world. During the last three years we have also covered some of the most important news regarding Bitcoin and other cryptocurrencies. Wherever the news are, we are there.
Bitcoin
$11,586.58
-234.28
Ethereum
$378.87
-17
Litecoin
$56.94
-2.64
DigitalCash
$95.66
-6.19
Monero
$92.45
-1.36
Nxt
$0.01
0
Ethereum Classic
$6.84
-0.37
Dogecoin
$0.00
0

Share sale: Jack Ma sells Alibaba shares in the billions | message

3


• 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

More news about Alibaba

Image sources: ChinaFotoPress / ChinaFotoPress via Getty Images, testing / Shutterstock.com



Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More