© Reuters. FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China Jan. 5, 2021. REUTERS/Thomas Peter
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(Reuters) – Alibaba (NYSE:) co-founder and executive vice chairman Joseph Tsai has indicated he plans to sell part of his stake in the company through Morgan Stanley (NYSE:), Bloomberg News reported on Friday.
A holding company for Tsai filed this month to sell 3 million of the Chinese firm’s American depositary receipts – which make up roughly 8% of his holding, Bloomberg reported, citing data from The Washington Service – a provider of insider trading data, adding that the document indicated a trading plan.
The stake is worth about $260 million, based on Thursday’s closing price, according to the Bloomberg report.
Alibaba and Morgan Stanley did not immediately respond to requests for comment. The holding company, Blue Pool (NASDAQ:) Capital, could not immediately be reached for comment.
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