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.
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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.
