Alibaba Group Holding Ltd. founder Jack Ma is walking back plans to trim his stake after the Chinese e-commerce heavyweight suffered its biggest selloff in more than a year last week.
Ma has not sold a single share in Alibaba, as the stock price has not reached the level the billionaire was seeking, according to an internal memo from the company’s Chief People Officer Jane Jiang Fang viewed by Bloomberg News. Ma is confident in the ecommerce leader’s future, the memo read. Several Chinese media outlets including The Paper reported the news earlier.
The 59-year-old Ma’s plans to sell 10 million shares worth about $870 million on Nov. 21 became public in regulatory filings last week. The disclosure coincided with the company announcing it’s scrapped plans to spin off its $11 billion cloud business, and the combined effect was a $22 billion drop in market value in a single day.
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