By Kimberley Kao and Jiahui HuangAlibaba Group shares rose on news that co-founders Jack Ma and Joe Tsai bought about $200 million of the company's stock in the latest quarter, giving the Chinese technology giant some welcome relief amid a monthslong slide. Separately, Ma, Alibaba's billionaire former chairman, purchased about $50 million of Hong Kong-listed shares during the quarter, according to a person familiar with the matter. The purchases aren't large relative to Alibaba's market capitalization of more than $175 billion. But the backing could buoy sentiment around a stock that is still down almost 38% over the past 12 months. Ma stepped down from Alibaba as chairman in 2019, but he remains a major shareholder.

Source: Wall Street Journal January 24, 2024 11:33 UTC