Jack Ma and Joe Tsai have agreed to buy back a combined $500 million in Alibaba Group shares. They intend to use their private funds to repurchase shares.
Alibaba Group Holding Ltd (BABA.N) announced that Chairman Jack Ma and Vice Chairman Joe Tsai have agreed to buy back a combined $500 million in company shares, part of a $4 billion stock repurchase scheme announced in August which would take place over two years and was aimed at offsetting the impact of its share-based compensation programs.
The buyback comes as the e-commerce firm’s shares suffers for a slowing growth and a gloomy outlook for the Chinese economy.
Ma and Tsai had signed an agreement to use their private funds to repurchase shares worth $500 million.