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Jack Ma halts plan to sell Alibaba shares after stock tumbles
Livemint
·
1y ago
Medial
Alibaba founder Jack Ma has reportedly postponed his plans to sell millions of dollars worth of shares after the Chinese e-commerce giant's stock price plummeted. Ma had intended to offload 10 million shares worth around $871 million, but as the stock price fell below his expectations, he has not sold any shares. Alibaba's shares have dropped by over 10% this year. Ma's office stated that he will continue to hold onto his Alibaba stake, believing that the value of the company's businesses will increase.
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Alibaba exec moves to quell staff concern over Jack Ma share sale with internal post
Economic Times
·
1y ago
Medial
Alibaba executive Jiang Fang addressed concerns within the company over the recent disclosure of Jack Ma's family trust plan to sell some shares in the company. In an internal post, she explained that the disclosure was a requirement under US securities rules, and it coincided with the release of the company's financial report, leading to a misunderstanding. Jiang also denied rumors of layoffs and reiterated that Ma remains positive about Alibaba, stating that the family trust did not sell any shares.
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Jack Ma loses $683 million on Alibaba after its shares drop by 9%
Livemint
·
1y ago
Medial
Jack Ma's wealth took a hit of $683 million after Alibaba's stock tumbled following the company's decision to not spin off its $11 billion cloud business unit. This comes just days before Ma planned to sell 10 million shares, worth around $870 million. Ma's net worth now stands at $29.2 billion.
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Alibaba founder Jack Ma steps out from shadows with long internal post
Reuters
·
1y ago
Medial
Alibaba co-founder, Jack Ma, has sent a lengthy memo to employees expressing support for the company's restructuring efforts. This suggests that Ma may be taking a more active role after a period of staying out of the spotlight. In the memo, Ma praised the leadership of CEO Eddie Wu and chairman Joe Tsai and highlighted that the company's division into six units has improved decision-making and made Alibaba more customer-focused. The news prompted a 5.5% surge in Alibaba's shares. Ma had previously faced regulatory challenges and criticism, leading to his withdrawal from public life.
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Jack Ma praised a key rival. A day later, it overtook Alibaba as China's most valuable e-commerce company.
Business Insider
·
1y ago
Medial
Chinese e-commerce company PDD, the parent company of Temu, has surpassed Alibaba as the most valuable e-commerce company in China. This happened a day after Jack Ma praised PDD's strategic decisions and called on Alibaba employees to rise to industry challenges. PDD's market cap is now nearly $185 billion, while Alibaba's market cap is around $184 billion. Alibaba has faced challenges in recent years, including criticism of Chinese regulators and a significant drop in its stock value.
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China’s Antfin pulls out over $340 mn more from Zomato
VCCircle
·
1y ago
Medial
Antfin, a subsidiary of Alibaba Group and part of Ant Group founded by Jack Ma, has sold around 176.4 million shares of Zomato, an Indian food delivery company. The sale, amounting to about a 2% stake, was conducted through bulk deals and fetched approximately $341 million. Morgan Stanley was one of the buyers, acquiring 56.8 million shares for around $109 million. Antfin's stake in Zomato now stands at 6.42% after the recent sell-off. Other investors, including SoftBank Group and Tiger Global, have also sold their stakes in Zomato in the recent past.
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Alibaba founder Jack Ma steps out from shadows with long internal post
Economic Times
·
1y ago
Medial
Alibaba co-founder Jack Ma has shown his support for the company's restructuring efforts in a memo to employees, potentially indicating a more active role for him in the future. Following the memo, Alibaba's shares in Hong Kong surged 5.5%, the largest increase since February. Ma praised the leadership of Alibaba's CEO and chairman, highlighting the effectiveness of the company's divisional structure implemented a year ago. This memo comes after Ma's public criticism of Chinese regulators and subsequent withdrawal from the public eye. Ma emphasized the importance of innovation and the ability to adapt to the future.
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Jack Ma's Alibaba briefly loses China e-commerce crown to rival PDD
Livemint
·
1y ago
Medial
Alibaba, the dominant player in China's e-commerce industry, briefly lost its top position to Pinduoduo (PDD), an emerging startup. This shift in stock positions signifies the challenges Alibaba has been facing amidst regulatory crackdown and competition. Co-founder Jack Ma has urged the company to adapt and regain momentum. PDD's rapid growth and innovation have posed a formidable challenge to Alibaba's once-dominant position. Wall Street downgraded Alibaba's stock while acknowledging PDD's strong performance. The industry is witnessing a significant shift in the e-commerce landscape in China.
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Jack Ma's Alibaba was once China's answer to Silicon Valley giants – but its turnaround plan appears to be in trouble
Business Insider
·
1y ago
Medial
Chinese tech giant Alibaba, once crowned Asia's most valuable company, is currently struggling with a restructuring effort, according to insiders and analysts. The company, founded by billionaire Jack Ma, has faced challenges in retaining its status as the top tech firm in the region. Alibaba's restructuring program, announced in 2023, has reportedly encountered obstacles and confusion among employees. Additionally, regulatory pressure and competitors pose further challenges to the company's turnaround plan.
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Chinese billionaire Jack Ma arrives in Nepal
Inshorts
·
2y ago
Medial
Jack Ma, the billionaire Co-Founder of Chinese e-commerce giant Alibaba, has arrived in Nepal's capital city, Kathmandu, from China. He traveled in his private aircraft and is accompanied by a seven-member team. Ma has maintained a low public profile following the cancellation of Ant Group's initial public offerings (IPOs) in Shanghai and Hong Kong. His remarks regarding China's financial regulations had caused dissatisfaction among authorities.
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Tech rally helps Hong Kong lead Asian markets higher
Economic Times
·
5m ago
Medial
Hong Kong's tech rally led Asian markets higher as President Xi Jinping's meeting with China’s top business leaders sparked optimism for an end to the crackdown on the private sector. Key attendees included Alibaba's Jack Ma and Huawei's Ren Zhengfei, signaling potential pro-business policies. Alibaba shares rose over four percent, with similar gains for Tencent and other tech firms. Federal Reserve signals on possible interest rate cuts added to market positivity despite US trade worries.
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