David Becker
Alibaba (NYSE:BABA) (OTCPK:BABAF) has co-founder Jack Ma’s backing and he’s still holding shares.
Ma’s office said he is “very positive” about Alibaba (BABA) (OTCPK:BABAF) after shares fell nearly 10% on Thursday, the South China Morning Post reported.
The news outlet added that the phase sale from Ma’s JSP Investment and JC Properties trust units is part of a “preset conditional plan” and that it will not “lead to any reduction of [Ma’s] holding of shares for now.”
The family office said “it believes the current stock price is far below its fair value.”
Alibaba (BABA) (OTCPK:BABAF) owns the South China Morning Post.
On Thursday, Alibaba (BABA) scrapped plans to spin-off its cloud unit and Ma’s family trusts said they plan to sell $870M of Alibaba (BABA) (OTCPK:BABAF) shares in installments.
The company also reported adjusted $2.14 per American depositary share. Revenue of $30.81B missed the average analyst estimate of $31B.
Ma retired as Alibaba (BABA) (OTCPK:BABAF) chairman in 2019 and is still a major shareholder through his family trust.
Shares of the tech giant fell 1.4% on Friday in U.S. trading.
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