Jack Ma's Family Trust Plans to Sell 10 Million Shares in Alibaba
Jack Ma's family trust is set to sell 10 million American Depository Shares (ADS) of Alibaba Group Holdings, worth approximately $871 million, according to regulatory filings.
The sale will be conducted on November 21 by JSP Investment and JC Properties, funds that are part of the family trust. Alibaba and the Jack Ma Foundation, which handles media queries for the billionaire, have not yet responded to requests for comment.
Jack Ma, the co-founder of Alibaba, stepped down as chairman of the company in 2019. The current leader of Alibaba is Eddie Wu, another co-founder and a long-time associate of Ma. The news of the share sale comes ahead of Alibaba's quarterly results, causing a decline of over 3% in the company's U.S.-listed shares during premarket trading.
Jack Ma's family trust plans to sell 10 million shares of Alibaba Group Holdings.
The sale is valued at approximately $871 million.
The shares will be sold by JSP Investment and JC Properties, funds within the family trust.
Alibaba and the Jack Ma Foundation have not yet commented on the matter.