Jack Ma Doubles Down on Alibaba

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Jack Ma Doubles Down on Alibaba

The New York Times01-23

Jack Ma, the co-founder of Alibaba, has been buying up shares in Alibaba, as has Joe Tsai, his longtime business associate and the company’s chairman, according to people briefed on the transactions, ...

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kosh
·01-23
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Ma, who stepped down as the company’s executive chairman in 2019 but remains a major shareholder, bought $50 million worth of Hong Kong-traded stock in the quarter, according to a person with knowledge of the matter. (Both men already hold sizable amounts of Alibaba stock.)The purchase sizes aren’t huge — Alibaba’s market capitalization is about $171 billion — but given who is buying, they are likely to be closely followed by investors and policymakers. Alibaba itself bought back $9.5 billion worth of stock last year, reducing its share count by over 3 percent.Alibaba has had a tough time in recent years. The company and Ant were among the first to be hit by a broader crackdown on the tech industry that wiped out roughly $1.1 trillion in market capitalization from the sector. In 2020, Ant was forced to call off its potentially record-breaking I.P.O.Last year, Alibaba canceled efforts to spin off its cloud business, a key part of the company’s ambitious plan to overhaul itself, leading to a sharp sell-off in its shares.The stock purchases will probably bring attention back to Ma, a former English teacher who helped start Alibaba as an e-commerce platform. He had been celebrated in China as an icon of entrepreneurship. Ma, who hasn’t held a management role at Alibaba or Ant in years but remains a lifetime partner in the Alibaba Partnership, now largely focuses on Bill Gates-style philanthropy.Tsai, on the other hand, has retained a high profile. A former corporate lawyer who also helped found Alibaba, he owns the N.B.A.’s Brooklyn Nets and the W.N.B.A.’s New York Liberty.For those who track Ma, he was seen attending a Nets game in Paris this month and was seen sitting next to Tsai and Tsai’s wife, wearing — what else? — a Nets jersey and cap.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":266165811278072,"gmtCreate":1706017424269,"gmtModify":1706019924418,"author":{"id":"3575498824373709","authorId":"3575498824373709","name":"kosh","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3575498824373709","authorIdStr":"3575498824373709"},"htmlText":"","listText":"","text":"","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/266165811278072","repostId":1108975411,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":41,"commentSize":1,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}