Jack Ma puts off plans to sell Alibaba shares after stock plunges

Alibaba Shares: The Chinese e-commerce giant Alibaba Group Holding's stock plummeted last week. This has put a halt on the founder Jack Ma's plan to sell millions of dollars worth of shares. So far this year, the company's shares have fallen more than 10%.

Jack Ma has not sold a single share in Alibaba, as the stock price has not reached the level the billionaire was seeking.

Share sale

Two regulatory filings showed that Ma was looking to offload 10 million shares worth $871 million (approx). As per Alibaba's Chief People Officer Jane Jiang Fang, Jack Ma's family office needed funds to invest in agricultural enterprises and charities in China and elsewhere, and made arrangements with a broker earlier this year for a share sale at a price set in August.

Also Read: Jack Ma faces $683 mn loss as Alibaba's shares plummet 9%

“Ma’s office has issued a statement saying that Ma will continue to hold onto his Alibaba stake. This is a fact and not mere lip service," Jiang said in the note. “Alibaba’s current price is significantly lower than its real value so he will not sell." The billionaire believes that the value of Alibaba’s businesses will increase, she added.

Alibaba's restructuring plans

The Alibaba group is in the midst of a major restructuring plans intending to split into six separate units. However, recently the Chinese e-commerce giant said it would rethink plans not just for its cloud business, but for a listing of its grocery chain Freshippo.