Alibaba founder Jack Ma postpones plans to sell BABA shares following stock price drop

According to reports, Alibaba CPO Jane Jiang told Alibaba employees that Jack Ma has "not sold a single share." Jiang also stated that Alibaba shares are currently trading below the company's true value, citing this as another reason for Ma's decision to abandon the share sale.

Jiang noted that the plans to sell shares were made in August, describing the announcement during the November 16 earnings report as a "coincidence." Jiang further added that Jack Ma's plan to sell his shares at a higher price demonstrates his confidence in Alibaba. 

SO, WHAT HAPPENED?

News reports last week regarding Alibaba's decision to split had revealed that Ma planned to sell 10 million shares worth approximately 870 million dollars. 

Additionally, Alibaba stated in its earnings report that it had abandoned the spin-off of its cloud segment. This situation caused the shares to lose approximately 9% of their value.

News Source: 12punto