Jack Ma becomes Alibaba’s largest shareholder after acquiring more of its slumping shares

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Alibaba’s seldom-seen co-founder Jack Ma and current chairman Joe Tsai become the giant’s largest shareholders, according to a Wednesday report by the South China Morning Post, as Ma and Tsai spent $200 million worth of its shares in the fourth quarter while Japan’s SoftBank gradually exits Alibaba. According to the e-commerce titan’s annual report, SoftBank held 23.9% of Alibaba’s stake or 5.07 billion shares as of July 15, 2022, but had cut it to less than 0.5% by May last year, the report cited calculations by Morgan Stanley. And Ma has increased his stake to over 4.3%. Under new leadership since September, Alibaba CEO Eddie Wu and Chairman Tsai proposed an AI focus and users first as priority strategies for the struggling empire in revamp. [SCMP]Related