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Alibaba co-founder Joseph Tsai to reduce stake in company- Bloomberg News

Published 12/16/2022, 07:34 AM
Updated 12/16/2022, 07:36 AM
© Reuters. FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China Jan. 5, 2021. REUTERS/Thomas Peter
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(Reuters) - Alibaba (NYSE:BABA) co-founder and executive vice chairman Joseph Tsai has indicated he plans to sell part of his stake in the company through Morgan Stanley (NYSE:MS), Bloomberg News reported on Friday.

A holding company for Tsai filed this month to sell 3 million of the Chinese firm's American depositary receipts - which make up roughly 8% of his holding, Bloomberg reported, citing data from The Washington Service - a provider of insider trading data, adding that the document indicated a trading plan.

© Reuters. FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China Jan. 5, 2021. REUTERS/Thomas Peter

The stake is worth about $260 million, based on Thursday's closing price, according to the Bloomberg report.

Alibaba and Morgan Stanley did not immediately respond to requests for comment. The holding company, Blue Pool (NASDAQ:POOL) Capital, could not immediately be reached for comment.

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