Alibaba Group Holding Ltd's (BABA) co-founder Jack Ma sold $8.2 billion worth of shares, reducing his stake in the company over the past year from 6.2% to 4.8%. The Chinese e-commerce company released its annual report on Friday.
The divestment came in September 2019 when Jack Ma stepped down as Alibaba's executive chairman to focus on philanthropy. He is succeeded by Chief Executive Officer Daniel Zhang.
The Alibaba group decided not to disclose the divestment's average selling price. However, its stock price rose to 40% since Jack Ma reported his 6.2% stake in the company last year.
Alibaba's Executive Vice Chairman Joseph Tsai also reduced his stake in the company last year from 2.2% to 1.6% worth $3.3 billion.
Jack Ma and Joseph Tsai donated millions of units of Personal Protective Equipment (PPE) in solidarity actions to hospitals around the world to help fight the coronavirus pandemic.