The annual disclosure of Alibaba Holding Group stated that its co-founder, Jack, had reduced his stake in the company last year to 4.8 percent from 6.2 percent, providing him with $ 8.2 billion in liquidity according to the current share price.
The exit comes in conjunction with Ma's retirement as CEO of China’s e-commerce company in September, his move away from official roles and a focus on charity.
Ali Baba did not reveal the average selling price of the exit. Its share price has risen about 40 percent since Ma announced that he had held a 6.2 percent stake in the company a year ago.
The stock contributed to the rise in the earnings growth force exceeding expectations, even with the sharp slowdown of the Chinese economy, as more people resorted to purchasing necessary commodities online due to the Covid-19 pandemic.
And Alibaba Executive Vice President Joseph Tsai reduced his stake in the company during the same period to 1.6 percent from 2.2 percent. The value of shares he sold was 3.3 percent by Friday.
Both Ma and Cai reduced their participation in the company's regular activities since the announcement of Daniel Zhang as chairman of the company, succeeding Ma. He took office officially in September 2019.