Bloomberg reported on Friday that Alibaba (BABA.N) co-founder and executive vice chairman Joe Tsai said he plans to sell some of his stake in the company through Morgan Stanley (MS.N).
One of Tsai Ing-wen’s holding companies this month applied to sell 3 million American depositary receipts of the Chinese company — about 8% of Tsai’s stake, Bloomberg reported citing insider trading data provider Washington Services. The documents indicate a trading plan.
According to Bloomberg, the stake was worth about $260 million based on Thursday’s closing price.
Alibaba and Morgan Stanley did not immediately respond to requests for comment. Blue pool Capital, the holding company, could not immediately be reached for comment.