Jack Ma, the founder of Alibaba Group Holding Ltd., has held off plans to sell millions of dollars worth shares as the giant e-commerce site stock tumbled down last week.
According to reports, “Ma has not sold a single share in Alibaba, as the stock price has not reached the level the billionaire was seeking.”
As per Alibaba Chief Officer Jane Jiang Fang, “Last week, two regulatory filings showed that Ma was looking to offload 10 million shares worth $871 million (approx). However, as Alibaba’s share prices have fallen below Ma’s expectations, he has not sold a single share.”
Jiang further said, “Alibaba’s shares have fallen more than 10% so far this year. Ma’s office has issued a statement saying that Ma will continue to hold onto his Alibaba stake. This is a fact and not mere lip service. Alibaba’s current price is significantly lower than its real value, so he will not sell. The billionaire believes that the value of Alibaba’s businesses will increase.”
She further said, “Ma’s family office needed funds to invest in agricultural enterprise and charities in China and elsewhere, and made arrangements with a broker earlier this year for a share at a price set in August.”
“Recently, the Chinese e-commerce giant said it would rethink plans not just for its cloud business, but for a listing of its grocery chain Freshippo, citing a need to evaluate market conditions. Alibaba Group is currently in the midst of a major restructuring. The group originally intended to split into six separate units, each overseen by its own chief executive board of directors.”