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Alibaba Share Prices Jump after Co-Founders Jack Ma and Joe Tsai Buy Stock Worth Over $200 Million 

Alibaba Group shares surged after reports that Jack Ma and Joe Tsai acquired millions of dollars worth of shares.

Hong Kong shares of Alibaba Group surged on Wednesday, following a spike in the United States traded shares of the company after reports surfaced claiming that co-founders Jack Ma and Joe Tsai were acquiring hundreds of millions of dollars worth of shares in the e-commerce giant.

Alibaba’s US-traded shares, listed on the New York Stock Exchange (NYSE), gained as much as 8.6% on Tuesday. The group’s HK shares were trading 5.17% higher at HK$71.15.

Tsai’s family office acquired nearly 20 lakh Alibaba’s ADR (American depositary receipt) shares worth $152 million through an investment vehicle, Blue Pool Management, in the fourth quarter of the 2023 calendar year. Tsai is the current chairman of the e-commerce firm. 

Jack Ma acquired the company’s Hong Kong shares worth $50 million during the same period. Ma, who stepped down as executive chairman in 2019, still held a substantial stake in Alibaba. 

After its six-way split plan fell through, Alibaba has witnessed a heavy sell-off over the past year. The e-commerce giant has also been facing increased competition in its home market from PDD Holdings with its hit shopping app Temu. 

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