Alibaba Gains Upside

last updated on

Alibaba Gains Upside

Alibaba (Baba) Gains 5.6% Upside As Jack Ma Buys Shares

Recent market reports suggest that Jack Ma (founder of Alibaba company) is currently buying shares of Alibaba (BABA). After the media reports, Alibaba's stock price turned positive and gained a 5.6% upside within a day.

According to experts, Jack Ma's decision to buy Alibaba shares signifies a sentiment shift. Earlier, Jack Ma needed help from Chinese officials, which led to fewer public appearances. In addition, Jack Ma also distanced himself from the company, but that has now changed with the recent development.

Jack Buys $50 Million Worth Of Stock

As per the reports, Jack Ma's decision to buy shares is similar to what we see from Joe Tsia, the chairman of Alibaba. According to the media, Tsia has invested around $151 million (USD) in Alibaba (BABA) stocks listed on the US stock exchange.

Although Jack Ma has no longer been the chief of Alibaba since 2019, his presence is still a significant factor for the company. The recent reports suggest that he has spent close to $50 million worth of funds to buy Alibaba stock.

After the news, a 5.6% upside was seen in Alibaba stock, signifying a joyous sentiment shift. If we look at Alibaba's performance since the start of 2024, the company is sitting at an 11.5% upside, which is a good start.

Another media report reveals that the government is reportedly working on yet another stimulus package. If this turns out to be accurate, it will lend further upside to the Alibaba stock.

Although it is a good development that Jack Ma buys Alibaba shares, let's remember the big picture. Alibaba's market cap is around $171 million, suggesting that a purchase of $50 million shares is insignificant at best.

Given that it is still too early in 2024, Alibaba has gotten a headstart in the tech sector.

Trending Stories