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The report didn’t say when Ma offered his shares or for a way a lot. At the present market worth, the stake can be price about $8.2 billion. Ma retired final 12 months as the corporate’s government chairman on the age of 55 and mentioned he would dedicate his time to philanthropy.
In May, Alibaba (BABA) mentioned its digital platforms now account for one-sixth of all retail gross sales in China and it anticipated to develop much more as the Covid-19 pandemic drove extra customers and enterprise on-line.
“We believe there is a new normal that will stay even after the pandemic is over,” CEO Daniel Zhang mentioned in an earnings name on the finish of May.
Alibaba is now price about $705 billion, making it extra invaluable than Facebook (FB).
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