ALBAWABA - The billionaire Jack Ma has refrained from plans to cut his share in Alibaba's e-commerce company, after the recent decline in the stock price In an internal staff memorandum, the Chief of Personnel of Alibaba Jin Jiang shared it with CNBC if he did not sell one arrow.
Alibaba revealed that 10 million shares were intended to be sold at approximately $870 million , However, the company disclosed that step the same day that it disclosed the results of its work for the third quarter of 2023.
Alibaba announced that she was retracting the plan to separate the cloud computing unit because of American export restrictions on sophisticated chips. At the same time, Jiang confirmed that some plan to sell shares in Alibaba was made in August, but was disclosed by accident the same day that the results of the works were announced.
Alibaba's arrow was traded in America at $101 levels in August, but yesterday it closed Wednesday at $78.94.
According to those figures, if he sold 10 million shares, he would have earned $789.4 million, well below the $870 million he was trying to collect.
However, Jiang stressed that plans to sell shares to the company at a higher price showed confidence in its work.
