Alibaba shares gain 8% after Jack Ma, Joe Tsai buy shares worth $200 million

Ma, the once-outspoken billionaire who stayed out of public view after clashing with Beijing, took to an internal message board last year to urge Alibaba to “correct its course” and praised PDD, which has been swiping market share with its hit shopping app Temu. Ma said Alibaba could again be successful with determination and hard work.

Tsai’s Blue Pool Management family investment vehicle purchased almost 2 million of Alibaba’s US-traded shares in the fourth quarter, worth about $152 million, according to a securities filing on Tuesday. It was the first time Tsai’s fund has purchased Alibaba shares since at least the last quarter of 2017, according to a review of regulatory filings.

Ma, who gave up his role as executive chairman in 2019 but is still a major shareholder, bought $50 million worth of stock in the quarter, the Times reported, citing a person with knowledge of the matter.

Ma has been selling shares in Alibaba in recent years and his stake in the business had dropped below 5%. He disclosed plans to sell 10 million shares worth about $870 million on November 21 through two companies he owns, JC Properties Ltd. and JSP Investment Ltd., according to regulatory filings last year.

The share purchases reflect Ma’s and Tsai’s belief that the business is undervalued after its stock fell sharply from its 2020 peak, the Times reported. Alibaba is valued at about $175 billion.