TECH - Alibaba Dumps $317M Worth Of XPeng Stock: Cash Grab Or EV Exit Looming? | Benzinga
Chinese e-commerce giant Alibaba Group Holding Ltd. (NYSE:BABA) has reportedly sold a significant portion of its stake in EV manufacturer XPeng Inc. (NASDAQ:XPEV), raking in $317 million.
What Happened: The sale involved approximately 33 million U.S.-traded shares of XPeng, Bloomberg reported, citing a person familiar with the matter.
The shares were priced at $9.60 each by Alibaba’s subsidiary, Taobao China Holding Ltd., representing a 2.9% discount to XPeng’s Tuesday closing price of $9.89. Taobao purchased the shares in September 2019 as a pre-IPO investment into the EV maker.
This sale ...