Alibaba exec moves to quell staff concern over Jack Ma share sale with internal post

economictimes.indiatimes.com:

Alibaba executive told staff on Wednesday that it was a «coincidence» that a plan by former chief Jack Ma's family trust to sell some shares in firm was disclosed on the same day the firm scrapped its cloud unit's listing.
In a move seen as an effort to quell ongoing unease within the e-commerce giant, Jiang Fang, an Alibaba partner and its chief talent officer, said in an post on the firm's intranet seen by Reuters that Ma's office had earlier this year made a plan to sell some shares to reinvest in agriculture and public welfare projects.

Elevate Your Tech Prowess with High-Value Skill Courses

They were required by U.S. securities rules to disclose the plan by mid-November, she said.

«Nov. 16 happened to be the disclosure time set, but the stockbrokers did not know that this day was the day when the company was set to release its financial report,» Jiang said, adding that the «coincidence» had created a «severe misunderstanding».

Investors wiped some $20 billion off Alibaba's market value last Friday after the company abruptly scrapped plans to spin off its cloud and groceries businesses.
Analysts also said a regulatory filing that came out hours before the disclosure saying that Ma's family trust intended to sell 10 million American Depository Shares in Alibaba hurt sentiment as it raised eyebrows about Ma's commitment to the future of the company he co-founded.
Two company sources told Reuters that Ma's move had generated a lot of discussion within the company, as did