Alibaba Group Holding Ltd. was joined by Chairman Jack Ma and Vice Chairman Joseph Tsaiin a $500 million share purchase after a slump in the Chinese e-commerce operator’s stock price.
The billionaire co-founder and his lieutenant will use their own money to buy stock, Alibaba said in a statement Monday. The company first announced in August Ma and Tsai would contribute to its $4 billion stock purchase program without specifying how much they would spend.