Jack Ma Reverses Plan to Trim Stake After Alibaba Share Tumble
- Ma earlier planned to sell 10 million shares this week
- Alibaba’s overhaul in doubt after canceling cloud spinoff
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Alibaba Group Holding Ltd. founder Jack Ma is walking back plans to trim his stake after the Chinese e-commerce heavyweight suffered its biggest selloff in more than a year last week.
Ma has not sold a single share in Alibaba, as the stock price has not reached the level the billionaire was seeking, according to an internal memo from the company’s Chief People Officer Jane Jiang Fang viewed by Bloomberg News. Ma is confident in the ecommerce leader’s future, the memo read. Several Chinese media outlets including The Paper reported the news earlier.