Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.4%, cashing out around $9.6 billion at its current share price, the firm’s annual filing released on Friday showed.
The divestment comes as Ma retired as the Chinese e-commerce company’s executive chairman in September and pulled back from formal business roles to focus on philanthropy.
Alibaba did not disclose the average selling price of his divestment. Its share.
Throughout this year, the two have donated millions of units of personal protective equipment (PPE) via their individual charity arms to hospitals worldwide to help fight the spread of COVID-19.
An April 2019 filing with the U.S. Securities and Exchange Commission stated that Ma would plan to sell up to 21 million shares within one year to support his philanthropic efforts.