Jack Ma halts plans to cut his Alibaba stake after shares in the Chinese e-commerce giant drop
Publishing timestamp: 2023-11-22 09:23:14
Summary
Jack Ma, the founder of Alibaba, has decided to hold off on plans to sell 10 million shares of the company after the share price fell. The decision was communicated to employees in an internal memo. The stock is currently trading below the company's actual value, which is cited as the reason for Ma not selling his shares. The plans to sell were made in August but were only made public in November. The article also mentions that Alibaba recently announced it would no longer proceed with the spinoff of its cloud computing business.
Sentiment: NEUTRAL
Tickers: BABA,
Keywords: breaking news: business, jack ma, retail industry, internet, business news, alibaba group holding ltd,