Alibaba founder Jack Ma has sold billions of dollars worth of his shares in the Chinese ecommerce company over the past year as its stock has skyrocketed by about 50%. Ma, one of China’s richest people, cut his stake from 6.2% to 4.8%, according to the company’s annual report.
The report did not say when Ma sold his shares or for how much. At 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 and said he would devote his time to philanthropy.
In May, Alibaba said its digital platforms now account for one-sixth of all retail sales in China and it expected to grow even more as the Covid-19 pandemic drove more consumers and business online.
“We believe there is a new normal that will stay even after the pandemic is over,” CEO Daniel Zhang said in an earnings call at the end of May.
Alibaba is now worth about $705 billion, making it more valuable than Facebook.