SFTBY - Jack Ma Joe Tsai Overtake Softbank As Alibaba's Largest Shareholders After Aggressively Buying Tech Giant's Tumbling Shares | Benzinga
In a significant development, Jack Ma and Joe Tsai have emerged as the top shareholders of Alibaba Group Holding Ltd (NYSE:BABA), surpassing SoftBank Corp (OTC:SFBQF).
What Happened: Ma, who retired as Alibaba’s executive chairman in 2019, increased his stake in the company by purchasing approximately $50 million worth of shares in the fourth quarter of 2023. This raised his stake to more than 4.3%, making him the largest single shareholder, reported South China Morning Post, citing sources.
Joe Tsai, who took over as Alibaba’s chairman in September, acquired 1.957 million Alibaba shares, worth $151.7 million, through his family investment vehicle, Blue Pool Management. This purchase made him the second-largest shareholder.
Their aggressive buying during an 11% drop in Alibaba’s stock price in the fourth quarter reflects the co-founders’ confidence in the company’s future despite its recent challenges.
The co-founders’ combined stake in Alibaba now surpasses that of SoftBank Group. The Japanese investor, led by ...