Jack Ma Retains Alibaba Stake Amid Stock Slump

Reversal follows company's decision to drop plans for $11 billion cloud business spinoff, causing significant stock price drop.

Alibaba co-founder Jack Ma has reversed his plans to sell the company's stock following a slump in its stock price last week.
The Chinese tech giant dropped plans to spin off its $11 billion cloud business last Thursday, causing the company's stock to sink and wiping out $26 billion in value over two days.
Ma's family trust was set to sell 10 million American Depository Shares of the company worth $870 million on Tuesday.
Ma's office has issued a statement saying that Ma will continue to hold onto his Alibaba stake, as the stock's current value is lower than its actual value.
Alibaba's share price has been under pressure since Ma's criticism of Beijing triggered a backlash on his companies in late 2020.