Jack Ma makes billions of dollars in Alibaba shares as stock skyrockets

The cofounder and former executive chairman of Alibaba group, Jack Ma
Emeh Joy

The founder of Alibaba Group has sold shares worth billions of dollars in the Chinese eCommerce company over the past year, even as its stock skyrockets by 50 per cent.

Ma is regarded as one of China's richest businessmen. According to the company's annual report, he had cut his stake from 6.2 per cent to 4.8 per cent.

The report, however, did not state precisely when he sold the shares and how much he sold them. Judging with the current market price, the stake would be worth about $8.2 billion.

Ma retired last year as the company's executive chairman at the age of 55. He said he would devote more of his time to philanthropy and seems not to have gone back on his words as he has reportedly made donations to African countries during the pandemic era.

Alibaba in May said its digital platforms now account for one-sixth of all retail sales in China and is expected to grow even more as the coronavirus pandemic has driven more and more consumers as well as businesses into the online market.

CEO Daniel Zhang speaking during an earnings call at the end of May, said, "We believe there is a new normal that will stay even after the pandemic is over."

Alibaba is now placed at a worth of about $705 billion thus, making it more valuable than Facebook.

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