Joe Tsai has indicated he plans to sell a major chunk of his Alibaba Group Holding Ltd. stake through Morgan Stanley as he increasingly shifts his fortune away from the e-commerce giant.
A holding company for Alibaba’s co-founder filed this month to sell 3 million of the Chinese firm’s American depositary receipts — roughly 8% of Tsai’s holding — through the New York-based bank, according to data from The Washington Service, which said the document indicated a trading plan. The stake is worth about $260 million, based on Thursday’s closing price.
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