Billionaire Jack Ma has put off plans to sell Ali Baba plummeting shares.
Two regulatory filings from last Thursday revealed that Ma had been looking to offload 10 million shares, worth nearly $871 million.
However CNN reported that the billionaire had cancelled the plans.
The international media cited an internal report from Ali Baba Chief People Officer Jane Jiang Fang.
The sales were initially planned to take place this Tuesday through JC Properties and JSP Investment, two entities linked to Ma and his philanthropic foundation, according to the filings.
The disclosure of the intended sales came the same day Alibaba reported third quarter earnings, when it announced that it would drop plans to spin off its cloud computing arm partly due to uncertainties caused by US controls on chip exports to China.
Alibaba’s stock plunged 9 per cent in New York on Thursday and nearly 10 per cent in Hong Kong on Friday, wiping out about $20 billion from the company’s market value.
So far this year, Alibaba’s shares have fallen more than 10 per cent.
