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World Economic Forum
After the value of the shares dropped by 10% last week, Alibaba Group founder Jack Ma decided not to sell 10 million American Depositary Receipts (ADS) worth $871 million, according to Bloomberg, which cites an internal statement of the company.
According to an internal memo from the company's human resources director Jane Jiang, Ma did not sell any Alibaba shares because their value did not meet the billionaire's expectations. Because Alibaba's current market value is "well below the real value," she said, Ma will not sell his stake in the company and will instead continue to hold onto it. Jiang continued, "The billionaire anticipates an increase in Alibaba's business value."
Jiang pointed out that Ma's family office required the funds in order to make investments in charitable organizations and agricultural ventures in China and other nations. According to her, the billionaire and a broker decided at the start of the year that the shares would be sold at a price determined in August. The Alibaba spokeswoman pointed out that the broker was not informed that the stock sale disclosure would fall on the company's reporting day.
According to company filings with the U.S. Securities and Exchange Commission (SEC), Ma intended to sell the shares on November 21.
source: bloomberg.com
According to an internal memo from the company's human resources director Jane Jiang, Ma did not sell any Alibaba shares because their value did not meet the billionaire's expectations. Because Alibaba's current market value is "well below the real value," she said, Ma will not sell his stake in the company and will instead continue to hold onto it. Jiang continued, "The billionaire anticipates an increase in Alibaba's business value."
Jiang pointed out that Ma's family office required the funds in order to make investments in charitable organizations and agricultural ventures in China and other nations. According to her, the billionaire and a broker decided at the start of the year that the shares would be sold at a price determined in August. The Alibaba spokeswoman pointed out that the broker was not informed that the stock sale disclosure would fall on the company's reporting day.
According to company filings with the U.S. Securities and Exchange Commission (SEC), Ma intended to sell the shares on November 21.
source: bloomberg.com
