Jack Ma to Continue Holding Alibaba Shares Despite Planned Sale

The co-founder's family trust is set to sell $871 million worth of shares, but Ma remains 'very positive' about the company's future.

Alibaba co-founder Jack Ma's office states he remains 'very positive' about the company and will continue to hold its shares.
Ma's family trust is set to sell 10 million American Depository Shares of Alibaba Group Holdings, for about $871 million, as part of a long-standing 'preset conditional plan to do a partial sell-down for the future' adopted in August.
Not a single share has been sold yet, and the sale will begin on Nov. 21 by JSP Investment and JC Properties, funds that are part of Ma's family trust.
The share sale announcement, together with Alibaba's statement about scrapping plans to list its cloud unit due to U.S. chip import curbs, caused the company's Hong Kong shares to drop nearly 10% on Friday.
Ma stepped down as Alibaba chairman in 2019 but remains a major shareholder through his family trust.