It seems that charity costs Jack Ma a lot of money.
If we talk about a company's exceptional performance, we talk about Alibaba. The Chinese e-commerce giant grew by 40% in just one year. The stock’s ascension was helped by beating expectations, although the Chinese economy started to slow down due to the pandemic.
The company’s annual filing released on Friday showed that its co-founder Jack Ma has now only a 4.8% stake in the company, from last year’s initial 6.2%. Given the current stock price, specialists believe that Ma cashed out around $8.2 billion.
But Jack Ma is not the first to cash out. The company’s executive vice-chairman Joseph Tsai reduced his stake to 1.6% from 2.2%. As of Friday, the shares that he sold worth $3.3 billion.
A filing from Jack Ma to the Securities and Exchange Commission (SEC) from April 2019 revealed his plans to sell 21 million shares in one year to sustain charity and philanthropy works.
The market didn’t budge over the news, and the stock is currently trading higher by 0.34%.
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Sources: reuters.com, finance.yahoo.com
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