Billionaires using own money to buy back Alibaba shares
Published 18/08/2015 | 02:30
Billionaires Jack Ma and Joseph Tsai are using their own money to buy back Alibaba Group Holding shares as the company prepares to repurchase as much as $4bn (€3.6bn) of its own stock.
The founders of China's largest e-commerce company will participate in the buyback as affiliates, according to a regulatory filing. The filing didn't disclose how much Ma, pictured, and Tsai will spend. Alibaba is trying to revive a share price battered by concerns about the slowdown in the Chinese economy less than a year after going public. Revenue at the internet company rose 28pc, the slowest pace in at least three years, to 20.2 billion yuan (€2.8bn) in the last quarter.
Ma and Tsai have seen their personal wealth eroded by the share price plunge. Ma is currently worth around $31.5bn. (Bloomberg)