HONG KONG: Alibaba Group Holding Ltd chairman Jack Ma and vice-chairman Joseph Tsai will bolster the company’s share buyback as they agreed to spend US$500mil of their own money purchasing stock in a vote of confidence for the e-commerce operator.
The billionaire co-founder and his lieutenant would bankroll the purchase of shares currently trading at US$66.91, Alibaba said in an e-mailed statement. The company announced in August Ma’s and Tsai’s intention to contribute to a US$4bil buyback without specifying how much they would spend.
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