Billionaire Joseph Tsai, co-founder and vice chairman of Alibaba Group, has hired Morgan Stanley to sell a sizable portion of his shares in the Chinese tech giant, Bloomberg reported, citing data from The Washington Service.
The shares are worth US$260 million and are equal to nearly 8% of his total assets in Alibaba. Tsai is the third-largest shareholder after Japanese investor SoftBank and Alibaba co-founder Jack Ma.
Apart from serving on Alibaba and Ant Group’s investment committees, Tsai is a founding member of Alibaba Partnership. According to Forbes, he has a net worth of over US$8 billion. He is also the owner of an NBA team, the Brooklyn Nets.
See also: Lazada gets $378m boost from Alibaba, filings show
Editing by Eileen C. Ang
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