Jack Ma halts plan to sell Alibaba shares after stock tumbles
Jack Ma loses $683 million on Alibaba after its shares drop by 9% “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," Jiang said in the note.
“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 said. Ma’s family office needed funds to invest in agricultural enterprises and charities in China and elsewhere, and made arrangements with a broker earlier this year for a share sale at a price set in August, Jiang said.
Chinese tech titan Jack Ma turns to farming, invests 10% stake in agrotech startup: Reports 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 and board of directors.
Alibaba co-founder Jack Ma joins University of Tokyo as visiting professor However, 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." All you need to know about the Alibaba group split Jack Ma founded Alibaba in 1999 but he stepped down as chairman of the company in 2019 before landing in hot water with Chinese authorities for criticising Chinese financial regulators and banks. Since then, the business tycoon has kept a relatively low profile while remaining an Alibaba shareholder.Milestone Alert!
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