Alibaba’s co-founder Jack Ma has offloaded a whopping $9.6 billion (£7.61 billion) over the past year while his company’s share price has risen 40 per cent.
Ma, China’s richest man who stepped down from the company in September last year, has reduced his stake in the company from 6.4 per cent to 4.8 per cent over the past 12 months, according documents released by Alibaba last week.
Since Ma’s 6.4 stake in the ecommerce giant was reported a year ago, Alibaba’s share price has skyrocketed and is set to continue its upwards trajectory as more people turn online in the wake of the pandemic.
This means Ma’s share sales equate to nearly $10 billion while Alibaba’s executive vice chairman Joseph Tsai, who also reduced his stake in the company from 2.3 per cent to 1.6 per cent made around $4.1 billion (£3.25 billion).
It is understood that a significant chunk of Ma’s earnings has been put toward his philanthropic efforts since leaving the company.
Often referred to as “Teacher Ma” due to his former career as an English teacher, Ma’s charity has pledged $45 million over 10 years to help nurture future teaching talent in rural China.
Over its fourth quarter Alibaba smashed expectations seeing revenues and profits soar as lockdown forced shoppers online.
Instead of seeing a predicted drop in revenue, Alibaba saw sales in its core retail business jump 19 per cent to 93.87 billion yuan (£10.69 billion), while its cloud computing business saw sales skyrocket 58 per cent.
This saw combined revenues for the three months to March 31 rise from 93.50 billion yuan (£10.64 billion) in 2019 to 114.31 billion yuan (£13.02 billion), coming well above analyst estimates of 107.04 billion yuan (£12.19 million).