The report did not say when Ma sold his shares or for how much. At the current market price, the stake would be worth about $8.2 billion. Ma retired last year as the company’s executive chairman at the age of 55 and said he would devote his time to philanthropy.
In May, Alibaba ( said its digital platforms now account for ) one-sixth of all retail sales in China and it expected to grow even more as the Covid-19 pandemic drove more consumers and business online.
“We believe there is a new normal that will stay even after the pandemic is over,” CEO Daniel Zhang said in an earnings call at the end of May.
Alibaba is now worth about $705 billion, making it more valuable than Facebook (. )