Transformation in the global financial sector may lead to both positive and negative changes in large enterprises. Experts cannot still predict the consequences of the decision made by Alibaba Group Holding Ltd co-founder Jack Ma. He has cut his stake in the company and sold a part of his shares.
Over the past year, Jack Ma reduced his stake to 4.8% from 6.2% selling $8.2 billion of shares. The company’s annual filing containing the news was released on July 10.
Notably, in September 2019, Ma retired as the Chinese e-commerce company’s executive chairman to focus on philanthropy. Throughout this year, Jack Ma together with Alibaba Executive Vice Chairman Joseph Tsai have donated millions of units of personal protective equipment (PPE) via their individual charity arms to hospitals worldwide to help contain the spread of the coronavirus outbreak.
Curiously enough that Joseph Tsai also reduced his stake in the company to 1.6% from 2.2% over the same period. Joseph Tsai and Jack Ma pulled back from the formal business and are not involved anymore in Alibaba’s regular operations. In September 2019, Daniel Zhang was announced as Ma’s successor as the company chairman.
