Co-founder Alibaba Group, Jack Ma has cut his stake in the company over the past year to 4.8% from 6.4%, cashing out around $9.6 billion at its current share price, the firm’s annual filing released showed.
The divestment comes as Jack Ma retired as the Chinese e-commerce company’s executive chairman in September and pulled back from formal business roles to focus on philanthropy.
Alibaba did not disclose the average selling price of his divestment. Its share price has risen around 40% since Ma reported his 6.4% holding in the company a year ago.
The stock’s stellar performance has been helped by forecast-beating earnings growth as more people shop online for essentials due to the COVID-19 pandemic.
