Alibaba’s co-founder bids to sell about 8% of his stake.
Joy Tsai stated that as he gradually moves his riches away from the e-commerce behemoth, he intends to sell most of his stock in Alibaba Group Holding Ltd. through Morgan Stanley.
The transaction, which represents approximately 8% of Tsai’s shares, costs $ 260 million.
From 2017 to 2021, Tsai sold at least $3.3 billion worth of shares.
When the firm went public in 2014, Joy Tsai sold his shares to Alibaba, and he has since further decreased his ownership interest. Between 2017 and 2021, he sold stock worth at least $3.3 billion to fund wealth planning and charitable endeavors.
In 2020, his holding company launched a trading strategy identical to the previous one, and that year, he successfully sold 3 million shares of Alibaba.
Through his family office in Hong Kong, Tsai is increasing the amount of money he invests outside of Alibaba.